Jim Walsh (Fianna Fail) | Oireachtas source

I support Senator Barrett's amendment. I am sure Members will agree that he is a tremendous addition to this House given his financial expertise. I also have the highest regard for Senator Aideen Hayden and always listen with interest to her contributions but I cannot fathom how accepting the spirit of this amendment will do anything for these hard-pressed tenants who could well be evicted from their houses or for the people who own those houses and who are having difficulty repaying the mortgages. As I read the Bill - the Minister can correct me if I am wrong - the powers will be with the banks to decide what they want to do.

Unfortunately, we will see a situation where the banks will repossess houses from people who cannot afford to pay the high mortgages because of the excessive prices they paid for the houses in the first instance. Presumably, the banks will sell on those houses at much lower prices to recover as much of the loans as possible. It would make more sense if there was some obligation on the banks to cut a deal with the owners of those houses and to readjust the mortgages. If somebody is renting a house, that rent-roll is an income stream for the bank. If the banks move against the owners to acquire the houses, presumably they are looking for them with vacant possession in order to maximise the potential return from the properties. The Minister may refer to taking on board the spirit of the amendment rather than accepting it, but I cannot see how that will, in any way, ameliorate the difficulties for those tenants.

There has been much talk over the past two days in this House about suicidal intent and suicidal ideation. There is no doubt in my mind, given what we have experienced over the past five years, that many people have committed suicide because of their financial difficulties and their indebtedness. I have no doubt that repossessions will aggravate the very distressed mental positions people are in. What will we do for such people in this Bill?