Seanad debates

Wednesday, 19 October 2011

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages

 

12:00 pm

Photo of Marc MacSharryMarc MacSharry (Fianna Fail)

I thank the Minister for taking time from his busy schedule to come here rather than dispatch one of the Ministers of State. It is considerate and shows great respect for the House, and we appreciate it.

Naturally, we on this side of the House supported the Bill. Almost word-for-word, notwithstanding the amendments to do with the credit union, Fianna Fáil had put it forward in February. We are supportive of it and the Government's ongoing efforts.

As the Minister is here and there is a debate ongoing in the other House on the Keane report, and while I am absolutely convinced of the political and personal commitments of all parties in both Houses to do something of a radical nature in the context of mortgage arrears and the personal debt crisis, I would ask that issues contained within the Family Home Bill 2011 and the proposed Debt Settlement and Mortgage Resolution Office Bill 2011 which is being taken in the Dáil on Private Members' time, be taken on board and that, for once, to quote Senator Barrett, the metaphorical backstairs in the Department of Finance and Government Buildings for bankers and developers can finally be removed. We should not fear the reaction from the markets, the troika, the IMF or anybody else in taking radical steps to support the families of Ireland in the same way that we, as a nation, have accepted the support of the IMF and EU in extending our mortgage period in terms of our debts and reducing our rates of interest.

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