Martin Mansergh (Tipperary South, Fianna Fail)

This matter has already been debated extensively in connection with this Bill and otherwise. The issue is not one of ends - there is a fair degree of consensus in that regard - it simply is one of means.

The Minister for Finance is opposed to the amendment. I will not rehearse all of the relevant material in that regard; I will merely summarise the key points. Including a provision such as that outlined in the amendment could have a detrimental funding and ratings impact on participating institutions. There is no evidence of an avalanche of repossessions to date, nor is one expected in the near future. We have undertaken significant work in this area, with the introduction of a code of conduct in respect of mortgage arrears. As Senator Bacik stated, there is also an agreement with Bank of Ireland and AIB to extend the period before which they will apply to the courts to commence enforcement of legal action for repossessions to 12 months. In addition, the renewed programme for Government includes a commitment to introduce new measures to protect families experiencing difficulties with their home mortgage repayments.