Marc MacSharry (Fianna Fail) | Oireachtas source

I propose an amendment to the Order of Business, namely, that the Minister for Finance would come to the House to inform us what actions he proposes to take to deal with the mortgage arrears emergency which now faces the country. I mentioned it briefly yesterday. The rhetoric has continued into today whereby the Governor of the Central Bank has been on the airwaves suggesting that the reality is that mortgage arrears are at unprecedented levels.

It is now 18 months since the publication of the Keane report and its proposals. We acknowledged and welcomed some innovative proposals it contained such as split mortgages and mortgage-to-rent schemes. I gave an example in the House yesterday of acting as an intermediary for a couple where the bank is simply not interested in taking such an approach. That is hardly surprising as I learned today that since the proposals were drawn up 18 months ago, only one mortgage-to-rent scheme had come into effect as of the end of 2012. That is simply unacceptable. Only 12 split mortgages have been proposed. This is at a time when 180,000 residential mortgages are in arrears.

While we can talk the talk in here, other than the spin, absolutely nothing is happening on the ground.

The Minister of State at the Department of Finance, Deputy Brian Hayes, was in here last week to say the Government is unhappy with the banks and their attitude to dealing with this issue. The Governor of the Central Bank stated at the weekend that many people cannot pay and that distressed mortgages were not being dealt with in sufficient numbers and that is why they are tearing out their hair. Actions speak louder than words and the Legislature supplied the tools to the banks to deal with these difficulties in an innovative way. With the sort of derivatives they designed to help us lose so much money over the last number of years, surely the same minds can come together to design a solution for those families that are suffering so much all over Ireland.

Yesterday, I gave the example that as a State we secured longer term rates and lending for our borrowing which will ease the pain of the Government and the people as we prepare future budgets. Why then can the banks not do the same? Underlying all of this fear and uncertainty for families is the reality that some of these loan books may be sold to vulture fronts, beyond the bounds of the code of conduct on mortgage arrears and beyond the bounds of any interest rates in this country. People may be forced to pay higher rates and be denied the protection of normal regulations.

This is not a political issue because all sides of the House agree. It is three years since I started this debate from the other side of the House and Senator Healy-Eames and others who were then in opposition contributed many worthy solutions to the issue. All we have had, however, is rhetoric and no action. That is why we are calling for this amendment to the Order of Business and we hope the Minister for Finance, who has made himself available to this House so often, can come in because this is a national emergency.