Larry Butler (Fianna Fail)

I support Senator Ó Murchú's call for an all-party day or half-day debate on the mortgage situation. Yesterday we had a very fine debate on NAMA. My contribution urged that NAMA was the wrong vehicle for looking after those who are in trouble in relation to their mortgages because this agency's role is aimed at getting the best value possible for the taxpayer. It is a different type of vehicle altogether, so I believe special legislation needs to be introduced and this is the best House in which to initiate it.

On mortgages, the banks have indicated this morning that they are going to take a more compassionate line, and this is as it should be. However, we need to lay down very clear guidelines as to how this would work. We certainly agree with the proposed one-year moratorium and would like banks to be able to take equity within the actual mortgage situation. We need to look at the phenomenon of negative equity, which nobody wants to address. However, it needs to be examined and this is the House in which to do that. There is also the option of rental accommodation to be considered. I heard a man with two children this morning saying that even with two people in his house working only about €450 was coming in. That family cannot afford a mortgage and we must try to keep such people in a house. The Seanad is the forum that might best provide the legislation to fit the problems being encountered as regards mortgages.