Larry Butler (Fianna Fail)

I congratulate Fine Gael on tabling this worthy motion. It is an important debate. The Government amendment to the motion is equally responsive. When there is as much agreement as this among the main parties, it is important to ensure we carry this goodwill forward to the budget which is a very important part of what we are trying to do.

The motion suggests using NAMA as a vehicle for this proposal. I support what Senator Hanafin said that we need separate legislation to deal with mortgages. I have had dealings with Deputy Thomas Byrne in regard to a proposal he has written on mortgages. We have taken advice from the chief executive officer of the Educational Building Society and he sees no reason we should not legislate in regard to mortgages and equity being taken by the banks. That would be an important first step. There is much merit in what was said but there should be separate legislation in this regard.

There is no doubt but that everything has changed. Senator MacSharry outlined a scenario which could be a doomsday one for mortgage holders, namely, if there was a substantial rise in interest rates. Even an increase of 2% could put a large number of people under pressure and they would not be able to repay their mortgages. If only one member of the household is paying the bills as a result of another member losing his or her job, as has happened in many cases, that would place huge pressures on the household.

It is a bit rich for the Labour Party to talk about what it would do. When it had an opportunity to do things for the less well off during its time in Government, it gave old age pensioners five shillings.