Darragh O'Brien (Fianna Fail)

We have discussed this Bill before and I have noted with interest the comments of Senator Hayden. Let us call a spade a spade; no one has an overall solution, just as there was none in the Labour Party motion agreed in the House. On this side of the House, we made a conscious decision to proceed as we have done because 50,000 homeowners are in arrears for 90 days or more. There were 148 repossessions of family homes in the first quarter of this year.

The Labour Party motion proposed that the Government should consider the establishment of schemes to support distressed homeowners. Colleagues have raised issues in this regard. If there are elements in this Bill that have merit, Senators should allow Second Stage to be passed and then propose amendments. There is no difficulty in doing this. This House has a role not only in scrutinising legislation but also in producing it. I ask colleagues of all parties and none to turn words into deeds. Second Stage could be allowed to pass this evening with the support of the Senators and, as Senator Hayden rightly stated, further or detailed discussion should happen on Committee Stage, during which we will be more than happy to consider amendments. However, I do not want a situation to arise whereby this is kicked back to a report. I am interested in hearing what the Minister of State, Deputy Brian Hayes, has to say in his response to this genuine effort to come up with a solution.

The part of north Dublin from which I come was the fastest growing area in Ireland. It has the highest proportion of first-time buyers who are stuck in apartments and, as a result, cannot have families and are scared they will be reduced from two incomes to one. Those who are not yet in arrears have no money to spare because they have already faced two rate hikes from the ECB but they are likely to face two more this year. At every opportunity, the banks seek to change variable mortgage rates and tracker mortgages are also becoming more expensive. Some people are paying 5.25% on variable rates while other unfortunates who dealt with sub-prime lenders like Start Mortgages are paying 15% to 17%. This is not going to get easier. Senator Mac Conghail indicated earlier that the situation is not grave yet but, while I acknowledge the spirit in which his remark was made, we should equip the courts with the tools they need to deal with the underwriting of the original mortgages. Were the lenders right to offer these mortgages?

I do not intend to be confrontational but this is a frustrating business. We can allow the Bill to pass Second Stage. With a 58 seat majority, it will not bring down the Government but it presents the Seanad with an opportunity to turn the words of this well crafted Bill, over which my colleagues have laboured for two years, into deeds by allowing it through Second Stage. We are prepared to consider amendments to address the Government's concerns. This Bill is important for thousands of families. We passed a Labour Party motion in the interest of showing that we would do our business differently. For once, let us do our business differently this evening.