Marc MacSharry (Fianna Fail) | Oireachtas source

Obviously, I join my colleagues in welcoming the election of Pope Francis the first. However, I am sorry to have to rain on that parade but I must again ask for a debate on the mortgage issue with the Minister for Finance, Deputy Noonan, in the wake of yesterday's announcement. I had great hope preceding that announcement but it could not have been any worse, as far as I am concerned. It puts the banks completely in control. When I was on the other side of the House previously, as well as on this side, I listened to people in serious mortgage difficulty who genuinely felt the banks have a virtual seat at the Cabinet table. The only thing left for the Government to do at this stage is to formally appoint a bank representative to the Cabinet. Far from extending assistance to struggling families throughout the country, the announcement yesterday strips out what little protection people have at the moment. The Government is giving additional powers to the banks to contact people and is abolishing the limits that were put in place to curb harassment. The code of conduct as we know will be thrown out. While there are targets set in terms of the banks putting proposals to borrowers, there are no targets for them in terms of agreeing new arrangements with punters who are in mortgage difficulty. We have seen no more than superficial engagement on the part of the banks to date, with only a token number of split mortgages agreed. I am extremely saddened by the announcement yesterday, which puts the fox in charge of the henhouse in a way that will squeeze people. The financial regulator, Mr. Elderfield admitted that we are likely to see an avalanche of repossessions now, which is regrettable. The Government is putting the people last. It is important that this is acknowledged today and that this message is not lost among the words of congratulations for the new Pope. It is a sad day for borrowers in Ireland and I hope the Leader will agree to bring the Minister for Finance to the House to discuss this. We need to see real measures and tangible help for those who are struggling to keep their homes. Yesterday's announcement, I am afraid, puts the banks in absolute control.