Nicky McFadden (Fine Gael)

I consider myself to be an optimistic person. I commend RTE on highlighting the plight and agony of our young mortgagees. The programme on Sunday night showed people in County Longford who were in an appalling situation in being in negative equity and lumbered with having to repay mortgages while living on a derelict site. I concur with Senator Coffey in asking for a debate on indebtedness to establish how we can bail out these young people who represent the future of the country and will provide for the next generation. As public representatives, it is incumbent on us to look after them.

It was sickening to read Mr. Michael Brennan's article on what had happened at the AGM of Irish Nationwide Building Society, at which Mr. Daniel Kitchen mentioned the society might need more money, even though we had already bailed it out to the tune of €2.7 billion. There are poor unfortunate people living with raw sewage coming up in their estates which also have unfinished roads and no electric light. Meanwhile we must bail out Irish Nationwide once again although the former chairman has not yet paid back the money he promised. I call on the Leader for an urgent debate on indebtedness so that we can find ways to bail out our young people.