Marc MacSharry (Fianna Fail)

As Senators are aware, I have done quite an amount of work on this subject and prepared a series of recommendations which were presented to the Minister in August. It is clear that the amendment is not going to be accepted. However, the Irish Banking Federation, IBF, indicated yesterday that a committee involving itself and MABS would be established and oversee the application of its statement of intent not to pursue people willing to pay their mortgages. The statement of intent to which I refer covers some but not all of the mainstream institutions. For example, it does not cover Start Mortgages, Springboard Mortgages and others.

It is clear that action on this matter will not be taken in this Bill. However, perhaps the Government will, in line with its commitment under the renewed programme for Government, consider legislating in this area in order to provide a safety net for families. As stated on Second and Committee Stages, perhaps the most appropriate way to proceed would be to amend the Enforcement of Court Orders Act. People are a good medium-term bet and must be able to avail of the options outlined in the code of conduct issued by the Financial Regulator and in the IBF protocol which has been further strengthened by yesterday's statement of intent. Like Senator Bacik and others, I am of the view that we must legislate for this matter. However, I cannot support the amendment.