Mark Daly (Fianna Fail) | Oireachtas source

I welcome the Minister to the House. While I realise that the Bill is amending previous legislation, I note that the Minister referred in his speech to good faith. We should reflect on the actions of the banks to date. We saw in the newspapers today reference to the banks being hauled over the coals by the Central Bank because they have not met the targets in terms of coming to arrangements with mortgage holders. However, when there is no sanction for banks, then those working in the bank are unlikely to worry too much about what the Central Bank says to them. We saw what the banks did in respect of what Patrick Honohan said to them last March. He asked them to consider split mortgages, set out as a possibility under the personal insolvency legislation and under the new code of conduct as well. Rather like the personal insolvency legislation, the new code of conduct was really a charter for the banks for what they can do. While we can talk about good faith, the banks do not act in good faith. The banks act to make a profit. They act in their own best interests and in no one else's interests.

Let us consider what they did for Patrick Honohan, the Governor of the Central Bank, when he asked them to start addressing the 142,000 mortgages in arrears. He asked them to consider split mortgages, and they did so. To date, a total of 142 split mortgage arrangements have been made. However, if we split that among the five banks, it does not amount to much activity by the banks when it comes to making an arrangement in good faith with people in mortgage arrears. The banks have no more regard for the Central Bank now than they did five years ago.

The last time he was here I asked the Minister what discussions were held with the banks and whether he could make available to us details of the discussions and the position papers that the Government had for the Personal Insolvency Bill prior to the banks discussing it with them and what the legislation looked like after the banks came in. Perhaps the Minister would enlighten us about whether he could make those papers available to us?