Marc MacSharry (Fianna Fail)

I join my colleague, Senator Darragh O'Brien, in welcoming the reduction in the interest rate payable by Ireland on its bailout deal and the doubling of the repayment term to 14 years. European leaders, in the main, have been behind the curve on the debt crisis, but this brings them somewhat up to speed. Team Ireland must be commended on its work in this regard, including the Taoiseach, the Minister for Finance, Deputy Michael Noonan, the Minister of State at the Department of Foreign Affairs, Deputy Lucinda Creighton, and other members of the negotiating team. We all welcome the progress made last week.

These developments offer a timely context for the proposal my colleagues and I will bring forward in Private Members' time tomorrow, namely, the Family Home Bill 2011. Given that we have succeeded in negotiating a lower rate of interest and doubling the repayment term in respect of our international obligations, which will facilitate us in meeting those obligations in the coming years, there is surely an equal obligation on us as legislators to put in place a template to allow families in this country to meet their own obligations. The Bill we are putting forward provides that template by offering flexible solutions which will allow people the dignity to meet their financial obligations. It does so by providing the courts with a set of tools which give people the ability to protect themselves, meet their obligations in the medium to long term and ensure they can remain in their family home. I urge colleagues to take the historic step of acting in unison with us tomorrow. We will have the opportunity, if the Bill passes Second Stage, to improve it further by way of amendments on Committee Stage.

In that context, I commend the group, New Beginning, on its recent court victory, which highlighted an anomaly in the Land and Conveyancing Law Reform Act 2009. That decision effectively casts doubt on any orders for repossession granted in recent years and will therefore afford a stay of execution to some families in danger of losing their homes. As such, I welcome the ruling, notwithstanding my view that our Private Members' Bill, if enacted by the Seanad, will mark a vital and constructive beginning in tackling this important issue.

Members of the other House have mostly adjourned to the Galway races, along with many colour writers and other members of the media-----