Rónán Mullen (Independent)

I thank Senator O'Toole for sharing time. Cuirim fáilte roimh an Aire Stáit. I compliment the Fine Gael Senators on bringing forward this comprehensive motion. The Government could have been more positively disposed to incorporating it in the response. Without taking from the welcome figures the Government brought to our attention, I agree with the thrust of Senator Twomey's contribution. The Government motion appears to minimise what remains a very unpleasant reality. The Government notes that the rate of increase in arrears has moderated notably since the early months of this year. That phrase is a giveaway because people are in dire straits. To say the rate of increase has moderated is to minimise what is a very unpleasant situation for many people.

When thinking of this motion, I remembered the famous parable of the king, to whom the servant owed 10,000 talents. The servant begged the king to forgive the debt rather than insisting on him selling his wife and children and the king relented. The servant was ungrateful and, on going out, he met someone who owed him money, seized him by the throat and began to throttle him. That reflects the position of the banks, who have had tremendous grace and favour shown to them. The taxpayer is going bail for the banks and we all understand why this must take place. The banks are not acting honourably towards people who find themselves in dire straits. Today I read a report on the surcharges of interest that banks are imposing as penalties on people who are in arrears on mortgages. It is necessary that we have measures to look after the small person in the same way as the more powerful interests in our society have been looked after in recent months. I note what the Government said about the renewed programme for Government and examining the code of conduct on mortgage arrears. It is time to examine the measures adopted in other jurisdictions, particularly individual voluntary agreements.

In the past few days I spoke with a hard-working man who is self-employed. He is doing his best to provide for himself and his family and he is in dire straits with mortgage repayments. He just does not know what he will do if mortgage interest rates increase. He asked me to speak in favour of measures to introduce individual voluntary arrangements to enable people like him to deal with their creditors. They are doing their best to be honourable in repaying their debts but they find themselves in dire straits. It is very important we work together and that the Government in particular gives a lead in looking after those good people and helping them in what must be very worrying times for them.