Phil Prendergast (Labour)

I support Senator McFadden's comments and I echo her request. How many people are having their houses repossessed each week? As the Minister said, it will be a far greater strain on the Government to have more people in need of rent supplement or being put on the RAS scheme, while the banks will have houses they cannot sell or use. It makes more sense to have some type of system whereby people are only required to pay interest until their position improves. The banks are not the only ones hurting in this situation. It goes down the line and it is the most vulnerable people who are being badly affected.

There is constant reference to next year. Next year is the week after next, which is very close. The bleakness will not go away. People seem to be focused on one day, Christmas, but for many the reality and worries afterwards will be far greater and harder to deal with. They are frightened of what is coming down the line for them. Every day the radio and other media reports are getting worse, with reports on the bleak economic outlook, how fruitless the situation is, the trouble the banks are in, the international situation and the crises here and there. People are extremely worried.

I agree with Senator McFadden that we have the upper hand with the banks. If the Government is in negotiations with the banks to arrive at a deal that will bail them out, we must be in a position to say to people: "It is coming down the line and because we have been able to do this with the banks, hopefully they will be able to do this for you." That is what we are seeking. It is not an unreal expectation or request. The Government has the remit to do it. The proposal should be given serious consideration. The amendment is good and seeks something positive, and I hope the Minister will accept it.