Maurice Cummins (Fine Gael)

The Financial Regulator will also engage with the banks to ensure certain mortgage customers are not being discriminated against when it comes to passing on savings.

There have been other advances with the Keane report. The Minister for Justice and Equality has already undertaken extensive work on the heads of a personal insolvency Bill, as set out in the report, and it will be published shortly. The banking policy unit of the Department of Finance has been requested to begin discussions with the banks to ensure speedy implementation of the measures set out in the Keane report. In addition, the Central Bank, as an independent regulator of financial institutions, has asked all mortgage lenders to produce detailed mortgage arrears resolution strategies and implementation plans as a matter of urgency. The Minister for Finance intends taking action on these issues with Cabinet in early course. I am not privy to whether that will be before Christmas. The Senator can be assured that along with the measures that have been taken already, there will be further measures taken to address that situation.

It would be unwise not to await the legal advice before making any decision on a referendum.