Terry Brennan (Fine Gael) | Oireachtas source

I join my colleagues in welcoming this Bill as a major step forward for the many thousands of homeowners with mortgage difficulties. Many are feeling hopeless and they do not see light at the end of the tunnel. I agree wholeheartedly with the Minister that people must be treated fairly. They should be able to enter into sensible negotiations with the financial institutions and common sense must prevail.

Small and medium enterprises are a hobby horse of mine. There is a lack of knowledge about what is happening to this sector. I know of businesspeople who have lost their homes or are deep in debt yet have invested their last euro in keeping their employees in jobs.

Financial institutions have been recapitalised to the tune of ¤60 billion despite their mismanagement of their affairs. They are now being given a veto over whether an individual or business should qualify for a personal insolvency arrangement. These same institutions encouraged borrowers to take out 100% loans. Most of the businesspeople I know want to negotiate with their banks in order to pay whatever is possible and reasonable but the Bill gives the banks the casting vote on whether a deal can be agreed. Debtors can threaten bankruptcy but most people do not want to go down this route. They want to rebuild their lives and dreams but is this Bill sufficiently balanced to provide equality of outcomes?

The regeneration of small and medium enterprises will aid in the recovery of our economy. I am confident that the Minister will encourage the entrepreneurial spirit of our people. When people have lost everything they need hope. This Bill offers hope to many people throughout the country.