Ivana Bacik (Independent)

I move amendment No. 15:

In page 56, between lines 28 and 29, to insert the following:

"(2) It shall be an obligation of a participating institution not to commence or pursue proceedings for repossession of a principal private residence unless the arrears of any mortgage are in excess of 24 months, provided the mortgagor provides reasonable co-operation within his or her means and ability with the participating institution.".

This amendment seeks to place on obligation on participating institutions not to commence proceedings for repossession of principal private residences unless the mortgage arrears are in excess of 24 months. This matter was discussed at length on Committee Stage. In the context of Government policy, the principle underpinning the amendment is already accepted, particularly when one considers that an agreement is already in place that the two largest banks will not pursue proceedings for repossession for a period of 12 months.

In the light of the high levels of personal debt and the increasing number of repossessions taking place, it is important to create a higher level of public confidence in the banking system in order that people might rest assured that their homes will not be repossessed. As the level of negative equity grows and the number of repossessions increases, there are major concerns that people's homes will be on the line. These concerns arise at a time when jobs are at risk or when serious pay cuts are being contemplated.

For all of the reasons of which the Minister of State is well aware, we ask that this amendment be accepted in order to place Government policy on a statutory footing. Participating institutions should be required to hold off on attempting to repossess people's homes for a period of two years. This is a fair amendment, to which the Minister of State is probably sympathetic, in principle. Let us place this matter on a statutory footing and provide people with a level of security in respect of their homes.