Martin Conway (Fine Gael) | Oireachtas source

I welcome the Minister. This legislation is a significant step forward in dealing with the financial difficulties of many thousands of people. The programme for Government set out clearly that this issue needed to be addressed through legislative measures to ensure a fair and realistic deal could be procured on behalf of persons in financial difficulties, many of them have been suffering physically, emotionally and mentally. Their quality of life has been affected. Little did the country think seven years ago that ordinary decent people would find themselves at the mercy of banks and financial institutions. Few people ever set out in life to end up bordering on being insolvent.

The legislation is timely. While we were concerned and frustrated at the delay in its introduction, it was necessary to ensure the Department and stakeholders could come up with a Bill that would result in the maximum benefit to as many people as possible. While I welcome the Bill as a genuine effort to get it right, I caution that we may need to do more. As a member of the Joint Committee on Justice, Defence and Equality, I was delighted to have an input at the consultation stage of the legislation. Many groups gave evidence to the committee on the legislation which was condensed into a report. The Minister used some of the report's recommendations and suggestions when framing the legislation.

The Bill will provide a chart of resolution for many people in financial difficulties. I hope it will be cost effective and not involve expensive legal costs. It will ensure those at the end of their tether over financial difficulties will be able to see a future in their homes, as well as having some financial freedom. The Bill is realistic in its measures in that people who can afford to pay will have to pay. For those who cannot afford to pay, at least there will be a structure into which they will be able to buy. The State, of which we are so proud and for which our forefathers fought to create a republic, will stand with them shoulder to shoulder.

Although the legislation has not been tested, we will see people going to personal insolvency agencies, engaging with financial institutions and ensuring they create a future for themselves. I hope all parties, particularly financial institutions, will engage with this process in the same spirit in which the Minster has. It needs all stakeholders to buy into it to ensure it will not become bogged down. If it is necessary to amend the legislation to pin down problems that emerge in its application, the House will be amenable to doing so.

The Bill is a genuine effort to cover as many bases as possible. The time delay was necessary to ensure the appropriate consultations took place with as many stakeholders as possible and loopholes were closed off for the sake of the thousands who find themselves in financial difficulties. What happened in this country was not the fault of the thousands who took advice to purchase houses at a certain time. The majority want to pay their debts and engage in a process in which they consider they are addressing their financial difficulties.

I wish the Minister well in the passage of the legislation and thank him for listening to the debate. Many suggestions have been made so far and I am sure many more will be as the Bill goes through its various Stages. It is a positive start and I look forward to the legislation being implemented in full by the middle of next year.