Lorraine Higgins (Labour) | Oireachtas source

I thank the Minister of State for his response. I want to make it clear that I am not against the introduction of this law. I was a practising barrister for a number of years and would have acted for and against financial institutions during that time. It is important that banks and those people who are availing of loans have certainty. For banks in particular, it is a commercial reality that they would have certainty in that if they lend money and somebody is not able to pay it back they are entitled to call in the loan in certain circumstances. I raised this issue because I am concerned about the impact on the property market of a plethora of houses, or even increased number of houses coming on the market or being released for sale at any one time. I feel my question has not been answered. I am worried about the possible saturation of the property market and house prices being further depressed. People who have houses that are in-equity and are trying to salvage something by way of mortgage repayments, or in terms of being able to sell their house and pay off some of their mortgage, will be left in a very difficult situation. I have put up with the answer I have been given but I appreciate that the Minister of State will bring to the attention of the Minister the matter regarding the excessive legal costs that are being presented to people who are already indebted and trying to save their homes.