Terry Leyden (Fianna Fail)

I welcome the report on mortgage arrears from the personal debt expert group which has made very useful recommendations. They are more than just recommendations because the Financial Regulator, Matthew Elderfield, is part of the group and will ensure they are enforced. The 12-month period is quite short to sort things out before the banks move to repossess a house. At least two years would be adequate and I ask the Leader to a request the Financial Regulator to adjust his recommendations. I also commend the work of Senator MacSharry and his expert group and Senator Mary White, who issued a very useful document to party members and others on the current difficulties.

I commend the Government on its decisive action in this regard. In regard to NAMA, realism is coming into the situation. It has a very difficult task. It was misled by the banks, about that there is no question. It was possibly misled on purpose in order that some of the executives could be accommodated in advance of the reality becoming known. It is quite a cynical exercise that some of those who were involved-----