Darragh O'Brien (Fianna Fail)

I welcome the Leader back to the House and wish him well. Perhaps the Deputy Leader might take a few notes to make it easier for him, if she would not mind.

Last Wednesday on the Order of Business I raised the issue of the mortgage crisis, as I have done consistently since the end of last September. We had a decent debate last week with the Minister of State at the Department of Public Expenditure and Reform when I stated that I, in no way, shape or form, questioned his personal commitment to resolving the issue.

Last week I predicted that the quarter one figures in respect of mortgage arrears and distressed mortgages will be substantially worse than those for the fourth quarter of 2011. Data released by the Central Bank and the Financial Regulator yesterday indicate that 10.5% of mortgages are in arrears of 90 or more days and, which is perhaps worse, that 25% of all mortgages are either restructured or in arrears of 30 days or more. What we are facing here is not a crisis but a catastrophe and one, moreover, that continues to deteriorate. As the Financial Regulator observed, the banks are overwhelmed by it.

The only explanation that comes to mind for the Government's lack of action in this regard is that it has been paralysed into inaction. I was greatly concerned last week when the Minister of State at the Department of Finance, Deputy Brian Hayes, for whom I have immense personal regard, referred to the forthcoming personal insolvency Bill as a game changer for the mortgage crisis. It will be no such thing. As I said, one quarter of households are already in mortgage difficulties and even where their loan is restructured, people continue to fall into arrears. The Family Home Bill 2011, which would at least have afforded protection to family homes, was defeated in this House by three votes. The problem is getting worse because rather than freezing interest payments for mortgage holders in arrears, their interest bills are rising exponentially. I look forward to meeting representatives of Allied Irish Banks at tomorrow's meeting in Buswells Hotel to discuss this matter. However, it is only one element of the catastrophe.

What we need is a mortgage arrears implementation strategy which includes timelines for implementing the necessary actions. It was good to see the Minister of State, Deputy Brian Hayes, in the Chamber last week, but that debate took place only after ten successive weeks of requests by me to that end. The Minister of State - we noted the senior Minister's failure to attend - was apologetic and chastened in response to the serious issues raised by Members on all sides of the House. The Government must delay no longer in seeking to address this issue as best it can. No government can provide a total solution, but there are simple steps which would offer relief to those concerned. These steps must include a suspension of the application of interest where a mortgage holder is in arrears. A policy of extension of mortgage terms would also be helpful for those seeking to free up some cash in the short term. Most of those affected fall into the 25 to 40 age bracket and are struggling to make large mortgage repayments on reduced incomes. The tens of thousands of people affected by this issue are not worried about the fiscal treaty referendum or what is happening in Europe. What chiefly concerns them is putting food on the table and keeping a roof over their head.

In this regard, and with apologies to the Leader, I am obliged to propose an amendment to the Order of Business that the Minister for Finance come to the House today to set forward a timeframe for action by the Government. The personal insolvency Bill is a welcome part of the jigsaw but will not be sufficient to address all of the difficulties. The Minister must outline in detail the Government's response to the catastrophic data on mortgage arrears that were announced to the media yesterday and will be published next week.