Larry Butler (Fianna Fail)

I support my colleagues who raised the issue about depressed mortgages. Before Christmas I went to the EBS and Bloxhams and they have a report that supports what we are suggesting. We should have legislation across the banking and financial sectors to ensure we are all singing from the same hymn sheet. The banks we control are behaving themselves reasonably well but outside that there is a major problem with those who are in trouble with mortgages. More than 35,000 people have not paid their mortgages for at least six months. They find themselves in difficult situations where the bank is not part of the group we control. This is where a large number of cases coming to court originate. I went to the EBS because it is a very good lending institution and is the least troubled of all our lending agencies. Interest rates will rise in the near future and unless we put this in place many people will lose their homes. The Finance Bill is the place to deal with this legislation. This must be legislation rather than a measure that applies to the six banks we control. If we do that we will be seen to do a good job. It started in this House. I did not make this my own document; I distributed a copy to every Member. I raised this matter at the parliamentary party meeting and we will see some movement on this. When discussing the Finance Bill we should examine the legislation in this regard.