Paul Coghlan (Fine Gael)

Contrary to some of the points made by our very worthy opponents, the problem of mortgage arrears will continue until the banks show more flexibility and start lending again. It will not go away and the State has very few direct options. I join others in looking for a debate on the matter, as the Government has been urging the banks to show greater flexibility. Another arm of State - the Central Bank - is imposing regulatory requirements that prevent the banks from lending, in effect. I welcome the enhanced role the report envisages for local authorities. We need to debate the many aspects of this suggestion. I think it would be very good if this were to happen. We need guidance from the Central Bank on the future mortgage market in order that the irresponsible practices that led us into this mess are not repeated. I hope the Leader can arrange for us to debate the matter at an early stage.