Ivana Bacik (Independent)

As many Senators have stated, it is a question of trying to find a variety of different schemes that will address the different needs. Senator Crown put forward an idea, that again would only apply to certain distressed home owners, about the use of pension funds. Senator Hayden pointed out that many of those in difficulty and with negative equity may not have access to the type of resources in a pension fund that could be targeted in the way he has described. It is a question of trying to find a variety of different ways to support distressed home owners, and that is what we are seeking to do in this non-partisan motion.

We are conscious also that the programme for Government has made a number of proposals which as the Minister stated are being progressed by the Government. There are some initiatives suggested in the Cooney report that deserve greater consideration. In particular, the proposal for trading down has huge merit where householders are in significant negative equity.

As many people have stated, this is a matter of deep concern not just in terms of the economy and at a macro-level of the housing market but for individuals, householders and families. All of us are touched by this issue. It is one which will be of growing importance and an issue I am glad we have had the opportunity to address in this reflective manner in the Seanad. I thank the Minister again and I thank my colleagues in the Labour Party.