Maurice Cummins (Fine Gael) | Oireachtas source

Am I going to be interrupted even when speaking about the Pope on his election?

It will be a new beginning and new hope for all of us. There are many lapsed Catholics who are looking for a reason to return to their faith, and this might be the catalyst those people need. We all welcome the election of Pope Francis. There is a great deal in a name, and that has been enunciated by many of the Members. St. Francis fought poverty. We should give the man a chance to settle into the job. I hope he will do an excellent job for the world and for world peace. It is an inspired choice, as one of the Senators said. Let us hope the Vatican, the Catholic Church and the world will prosper as a result of the new Pope's election.

There are other more mundane matters but they are also important. Mortgage arrears were mentioned by Senators Daly, MacSharry, Ó Clochartaigh and others. I have stated on numerous occasions that the Government acknowledges that the mortgage arrears issue is one of the most serious social and economic matters facing the country. It is a cause of distress for many families and an impediment to economic recovery. The Government has prioritised the issue by implementing new legislation, structures and processes to resolve mortgage arrears. The banks must now step up their engagement with borrowers in difficulty to allow these people to see a better future, which is what we all want.

There are now specific time-bound targets for the six main banks, which will ensure measurable progress in dealing with the issue. By the end of July, the banks should propose sustainable mortgage solutions for 20% of distressed borrowers, reaching 30% by the end of September and 50% by the end of 2013. The vast majority of distressed borrowers will see solutions proposed by the end of 2014, so there is progress on the issue.

It is nonsense to say that this is a charter for bankers. Let us see how this operates, as the Government is doing its best to solve the problem by having legislation and reforms in this area. People bringing in extraneous issues such as suicide is deplorable.