Aideen Hayden (Labour)

I support Senator Darragh O'Brien's comments on the situation with regard to mortgage debt. This is going to be one of the great sources of division in our society going forward. I am not completely ad idem with the Senator in respect of the insolvency legislation because I am of the view that the latter will make a significant difference. However, I am concerned that there is currently a campaign to subvert the inclusion of mortgage debt under that legislation. We have all read newspaper reports to the effect that 25% of people who are in mortgage arrears are deliberately withholding their repayments. The Central Bank recently stated that this is absolutely incorrect and untrue. However, it is symptomatic of a campaign being conducted in the media and in the wider economic sphere to ensure that mortgage debt will not be covered under the insolvency legislation. If such debt is not covered, it will be an absolute disaster.

I wish to bring to the attention of the House the fact that the Central Bank will not publish figures for arrears relating to buy-to-let mortgages until later in the year. The position in this regard is much worse than that which obtains in respect of residential mortgages. One of the difficulties we face is that all buy-to-let mortgages are ultimately secured on family homes. If we do not know the very significant extent of the arrears relating to such mortgages, then we have no idea with regard to the scale of this entire problem. I support the call to the effect that the Minister for Finance, Deputy Noonan, should come before the House. On a previous occasion I requested that he do so. It is time the Minister explained to the Seanad where we stand in respect of mortgage debt.