Darragh O'Brien (Fianna Fail) | Oireachtas source

Can the Leader tell us where are the mortgage resolution measures that were supposed to be given to the Central Bank on 30 September this year? These were to help those not in severe mortgage difficulties but those who are about to go over the cliff. Since then, AIB, which is a covered institution and effectively fully owned by the taxpayer, Bank of Ireland, which is still a covered institution have and ICS Mortgages have increased their variable interest rates by 0.5% so that the standard variable rate now stands at just short of 4.6%. The Personal Insolvency Bill is not the game changer; it is the nuclear button where people must give up everything they own, including their houses, and it does not resolve the mortgage crisis. In the absence of the Government bringing forward any mortgage resolution measures, I say to people to pay the banks what they can afford and no more. People have had four years of paying the banks despite interest rate increases. The Government has failed miserably to bring forward any solution to those struggling and living just to pay their mortgage repayments to the banks. The banks must come forward with proper solutions, such as extending mortgage terms and zeroisation of interest, and not just moratoriums that will pile on the interest at the end of the term. People should be allowed to live a bit and have a life. Members of the public should take a stand and say that this is what they can afford to pay and that is it.

Governments must come up with something. I have a high regard for the Minister for Finance, Deputy Noonan and the Minister of State, Deputy Brian Hayes. I listened to them but I get the impression this Government, like others and like the previous one to a degree, are being led by the nose by the banks. The people are being screwed. Where are the mortgage resolution measures that were supposed to be granted to the Central Bank on 30 September? Where are the products the banks are supposed to be releasing to people not yet in arrears but who will be in arrears because the Government will introduce a property tax costing normal Irish mortgage payers hundreds of euro per year?