Aideen Hayden (Labour) | Oireachtas source

I thank my colleagues, Senator Bacik and Senator O?Keeffe, for their kind words on my appointment to the rotating Whip position for the Labour Party. I also thank Senators Wilson and Paul Coghlan and other Senators for their kind words. I pay tribute to Senator O?Keeffe who did an excellent job as Labour Party Whip and is a wonderful contributor to this House in every way.

I also thank Senator Darragh O?Brien for bringing it to our attention today that only Fianna Fáil could look a gift horse in the mouth ? not only a free site in Balbriggan but also, if I recall correctly, a free ward that was offered for cystic fibrosis sufferers in St. Vincent?s Hospital during its term in office. It makes one wonder, as one discusses mortgage arrears, that perhaps if they had been more careful about accepting gifts rather than rejecting them we would not be where we are today.

I agree with the contributors who sought a debate on insolvency, housing debt and mortgage arrears. It was my intention to do so on coming to the House today. Could the Leader report back to us on the status of the Personal Insolvency Bill and when we can expect it to come before this Chamber? It has come to my attention in the recent past that banks have not in any way softened their cough when it comes to dealing with mortgage arrears. There is no doubt they are keeping people in a holding pattern. There is a persistent and consistent attitude of not responding to mail. I know of one person who is waiting three months for a reply to an urgent letter relating to their mortgage arrears. Significant numbers of people are ?in negotiations? with banks for a year, a year and a half and in some instances, two years. It is a holding pattern. It is worse than aeroplanes over Heathrow. It is time we brought them down to land. People are hanging on by their fingernails waiting for insolvency legislation.

One of my concerns is that under the legislation as drafted, mortgagors are required to go through processes with the bank before they can avail of the provisions of the legislation. Unless we bring banks to heel we will never get anywhere in dealing with personal debt and mortgage debt in this country. I ask the Leader, as a matter of urgency, to ask the Minister for Finance to come to the House and explain where we now stand on this important issue. It is important to note that a specific age cohort are particularly affected by the situation. I refer to young people who bought their homes and who are trying to form families who are trapped in the situation. It is our duty to enable them to go forward.