Kathryn Reilly (Sinn Fein)

Like other speakers I wish to touch on the issue of mortgage arrears. While I welcome the move which will ease the burden on some of those in distress, the first reaction of my party to the proposed legislation is that it is a missed opportunity. What is needed is an independent and responsive insolvency service to deal with insolvencies and bankruptcies, but what is proposed is a one-sided veto where ultimately the bank will be able to impose its decision regardless of the specifics of each case. The move to a three-year bankruptcy term is also to be welcomed, but the lack of an independent service to rule on individual cases is a major flaw which undermines the legislation. Will the Minister consider or commit to re-examining our proposal in this regard?

Like Senators O'Donnell and Bacik, I would like to comment on whether people are better off having their money in biscuit tins in the context of the issues at Ulster Bank. I worked as a credit control agent for a company in a previous life. I had to make telephone calls if a direct debit failed to be paid on three occasions. In such circumstances, we would seek to recoup the complete sum of money. Direct debits have not been leaving Ulster Bank accounts for the last two or three weeks. What is being done to assist people whose direct debit payments are not coming out of their accounts for reasons that are not of their making? This technical glitch is not their fault. It is not as if they do not want to pay their bills, or that they do not have the money to do so. What is being done to make sure such people are not being pursued for the full payment amounts? It might affect an insurance policy, for example. Another problem is that rent is not coming out of people's accounts. That is affecting landlords who might have mortgages with other banks. What is being done to make sure that these people are not being penalised in such a manner?

I will conclude by speaking about the EU summit from which some good news emerged. I was disappointed with the stimulus package that was announced. The extra €10 billion facility that will be available to the European Investment Bank is pitifully small in the EU context, especially given that SIPTU was seeking a €10 billion stimulus for Ireland alone not so long ago. As we know, the other arm of the stimulus does not apply to Ireland, given that we have spent or committed our Structural Funds allocations already. The Commission has already said that funds earmarked for one country will not be used in another country. Will the Government seek to return to argue for a bigger and better stimulus package that will substantially deal with issues like youth unemployment?