Diarmuid Wilson (Fianna Fail)

I join with the many speakers who, in recent weeks, have called for a debate on banking and financial institutions. I call on the Leader to arrange a debate with specific emphasis on how financial institutions deal with people who fall into arrears in mortgage and hire purchase payments.

I am aware of a case, the details of which I will give to the Leader after the Order of Business, of a young man, married with four children ranging in ages from 12 years to two months, who purchased a lorry. The young man was encouraged by a financial institution to take out a loan. He was, in fact, followed around by a representative of the institution and the documents signed in the car park of a local pub. He took a loan of €120,000 to purchase a lorry which facilitated his job delivering materials to building sites throughout County Cavan. Through no fault of his own and due to the downturn in the building industry he was laid off at the end of last September. He contacted the financial institution concerned and informed them of his predicament. He missed three repayments on the loan but by the end of December had repaid €67,000. Having missed three payments and on the eve of the fourth payment being due, three thugs arrived at his house, harassed his elderly father and his wife and children and took the lorry. They stole the lorry from the house.

That is unacceptable.