Dominic Hannigan (Labour)

I heard the Minister speak earlier about the issue of sub-prime mortgages. I understand some people in his constituency who could not get loans from the standard mortgage lenders had to seek loans from sub-prime mortgage lenders. It is clear, as ordinary borrowers reap the whirlwind of the dodgy lending of some such institutions, that the taxpayer will have to pick up the tab at the end of the day. Repossessions have more than doubled in the past year, which is costing the State money in terms of court time and social welfare payments. Like borrowers, lenders have responsibilities. The doubling in the rate of repossession over the past year means that borrowers are paying a disproportionately higher price than lenders. Sub-prime mortgage lenders, in particular, are rushing to the High Court at the earliest stage to get repossession orders. When repossessions are granted, the State often has to step in and provide alternative accommodation. In effect, the taxpayer is paying for the irresponsible actions of the lenders in the first place.

We have repeatedly called for action to be taken to help people who get into difficulty with their mortgages to make good their debts. The measures contained in the Bill before the House do not really represent a solution to the problems I have mentioned. Having said that, the legislation is welcome on a number of grounds. Lenders will now have to begin home repossession cases in the Circuit Court, rather than the High Court. I ask the Minister to comment on whether procedures will change to reflect the change to the Circuit Court.

The Minister also spoke about rent reviews. What is his best guesstimate for when this legislation will be enacted? Will that happen within a number of months or weeks? People want to avail of this potential means of reducing their outgoings. We would be grateful if the Minister could clarify when he expects that to be in place.