Aideen Hayden (Labour) | Oireachtas source

I am a signatory of Senator Power's motion and I ask the Leader for an early debate on it. It is official Labour Party policy to support a two-state solution.

I refer to the sale of PTSB's subprime Springboard mortgage business to Mars Capital. That loan book is valued at approximately €468 million, of which €350 million is non-performing. The sub-prime market was the worst aspect of the Celtic tiger and it is very far from the 80% loan-to-value ratios being proposed by the Governor of the Central Bank. One must ask why somebody would want to buy a non-performing loan book. There is a great deal of scepticism among people currently, particularly around rising house values, and a fear that many people in the near future will be dispossessed of their homes. These are Irish people who will lose their homes and be out on the streets to be paid for by homeless services. I have a serious issue with the fact that we still lack legislation to deal with unregulated bodies buying loan books. Mr. Jermey Masding of PTSB has said this company will abide by the code of conduct on mortgage arrears, but those are empty words. I want to see the legislation we have been promised by the Minister for Finance to protect people in this situation. I ask the Leader to provide the House with an estimated time by which such legislation will be introduced.