Marc MacSharry (Fianna Fail)

I join Senators in calling for a debate on assisting families who find themselves defaulting on their mortgages. I also welcome the Irish Banking Federation statement of intent. It assures people who are in difficulty that if they communicate with the bank, a mutually acceptable way can be found for dealing with the problems. However, not every bank is affiliated to the Irish Banking Federation. My information is that while repossessions at this early stage in the economic difficulties, in which we are only feeling ripples of what could effectively be a tsunami in the fullness of time, the institution that is active in seeking repossessions is Start Mortgages which is not, to my knowledge, attached to the IBF. As a result, it might not necessarily intend to follow the code outlined by the IBF. Some type of legislative foundation will be required to ensure the good intentions of the Irish Banking Federation are followed by those not affiliated to it and that people are given the greatest protection possible.

I note the Irish Banking Federation intends to establish an oversight committee to ensure the statement of intent is followed and that representatives of MABS will be included on that committee. Will the Leader make contact with the Irish Banking Federation to see whether it would agree that representatives from this House could sit on that committee, so we could play our part in ensuring families are looked after to the fullest extent possible?

I wish well the ongoing negotiations in Government Buildings, where consideration is being given to difficult cuts in the social welfare budget and various other budgetary preparations as we face the most difficult economic period for many years. Like Senator O'Toole, I welcome the innovative approach being suggested that we might examine tiering child benefit, as opposed to a blanket cut. We must continue to focus on working in partnership to achieve solutions and find the optimum budget for the nation.