Paul Coghlan (Fine Gael) | Oireachtas source

I agree with Senator Darragh O'Brien. Naturally, we are all equally inquisitive about the new code of conduct in regard to mortgages and I agree with him that the Leader should arrange a debate in early course because there are fears about the way financial institutions are lining up to dispossess hundreds, if not thousands, of homeowners.

That is something we cannot afford to have in our society. These financial institutions must share in the pain. They lent to these home owners, too much perhaps in many cases. I am interested to hear their detailed plans and practices. I call for an early debate on the matter.

I agree with Senator Ivana Bacik on the need for a criminal investigation, which Senator Marc MacSharry also mentioned. I am becoming more inclined to the view that an Oireachtas inquiry under the current powers would not be effective. A more honest approach would be, as has been speculated, that the Government is considering going back to the people on the issue. Respectfully, I think it should, in order that an Oireachtas in the future would have the necessary powers. There is no point in dealing with the issue willy nilly and the criminal side is much more important in the immediate future.