Aideen Hayden (Labour)

I move:

"That Seanad Éireann:

- notes with concern that by the end of 2010 over 200,000 homeowners were in negative equity;

- notes that a minimum of 10% of households with mortgages are currently facing significant difficulties with repayments, and that this proportion is likely to increase;

- notes the high cost in personal suffering to individuals and families caused by increasing levels of significant mortgage arrears and by the threat of eventual repossession of homes;

- further notes that 'mortgage to rent' and 'mortgage to shared equity' schemes have been established by the Scottish Government, as part of the Home Owner's Support Fund, in response to the plight of distressed homeowners;

- proposes that the Government should consider the establishment in Ireland of schemes to support distressed homeowners, adapted to the Irish context but similar to those set up in Scotland, which would provide structural measures for the protection of those individuals and families currently facing unaffordable mortgage repayments and the potential loss of their homes.".

I am fascinated to see how important this motion is to our colleagues on the other side of the House.