Paul Bradford (Fine Gael)

I concur with the previous three speakers on the issue of house repossessions. When the State, Government and taxpayer is coming to the aid of the banking and financial institutions in a fashion not yet determined, we need to demand some form of reciprocation. That so many people have difficulty with their mortgage repayments is a cause of grave concern. Anecdotal evidence suggests that the number of court orders for repossessions being granted each week is staggering. While action is not taken on foot of many of these court orders, once granted a repossession order may proceed. This leaves many people living in fear of losing their homes.

The Minister outlined the mechanisms in place to address this issue. The supplementary welfare system, for example, provides assistance for people in difficulty with mortgage repayments. We must send a strong political signal to the banks and mortgage agencies that we expect them to tread softly with regard to those in difficulty. As many Senators noted, the economy needs a banking system and financial houses if it is to survive. On the other hand, mortgage companies and banks also need customers and home owners if they are to survive. The Minister, Minister for Finance and Taoiseach should hold direct talks with the lending agencies to impress on them — we do not need to implore or beg them — that the financial institutions must respond to the generosity of the Government and taxpayers by showing flexibility, compassion and common sense to those experiencing financial difficulty.

Jobs are being lost at a record rate and the trend is set to continue for some time. However, like all economic cycles, the current one will come to an end. The majority of those experiencing mortgage difficulties are responsible citizens who are not seeking a free lunch but time and space to get their financial affairs in order. The financial institutions should respond generously and in the same fashion as the State responded when they found themselves in a difficult position in recent months.