Seanad debates

Tuesday, 22 June 2010

3:00 am

Photo of Marc MacSharryMarc MacSharry (Fianna Fail)

I join Senator O'Toole in seeking a debate on bank regulation and banking generally. As I have said before, we need to constantly dip into and out of this issue given events outside the House. I welcome the recent report by the regulator about the intention to introduce more stringent controls. It will certainly make life potentially difficult for people. It is an awful shame that those kinds of controls were not in place earlier, but it is appropriate to introduce them at this stage. I wholeheartedly agree with Senator O'Toole that the sector should finance the cost of regulating that industry. It is the norm throughout the world throughout other sectors and we should do it here. I ask the Leader to raise the issue with the Minister for Finance and I will do so myself.

Is it possible for the House to have an update on the progress of the expert group chaired by Mr. Hugh Cooney on the issue of mortgage arrears and personal debt? As Members are aware, the group I co-founded, the prevention of family home repossessions group, is most anxious to see some tangible actions which will give protection to primary family residences. This is not to pay mortgages or a NAMA for the people but rather legislation to provide people with the dignity to pay their own bills and innovative ways and time in which to do so. The expert group has had adequate time to consider all these issues and it is now the time for action. I would appreciate an update on that.

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