Seanad debates

Tuesday, 25 February 2014

3:20 pm

Photo of Fidelma Healy EamesFidelma Healy Eames (Fine Gael) | Oireachtas source

I would like the Minister for Finance, Deputy Michael Noonan, to come to the House for a broad-ranging debate on mortgage and debt solutions. Last night I hosted a public meeting in Oranmore. There was a public element, as well as private one-to-one consultations with personal insolvency practitioners. Mr. David Hall, whom we all know, was present and approximately 90 people attended. It takes a lot of courage for people in debt and under severe stress to come out. They had mortgage, personal and business debtts and more than 70 had one-to-one meetings. The demand was so great that the exercise must be repeated. What struck me most was that people were suffering in silence. Some disclosures were made which showed that the lives of some were at risk. The more we talk about the issue and come up with solutions, the better. It is clear that the answer lies in negotiation, write-downs and the intervention of trusted third parties acting as intermediaries between those who are in severe debt and the banks. The banks are in a state of paralysis, except for AIB which is waking up to reality. The sooner they sort out their own problems and get on and address the issue the sooner we will return to normality. I cannot stress enough the seriousness of the issue. I have read in the newspapers how the position is improving, but I exposed the myth being created. That is not true. The level of debt is a serious issue. People are under severe stress and I fear for their lives. I have said my piece. I urge the Leader to bring the Minister for Finance to the House. There is a myriad of problems which are too broad for me to raise on the Order of Business. Suffice it to say a debate is needed.

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