Paschal Mooney (Fianna Fail) | Oireachtas source

Our colleague in the other House, Deputy Willie Penrose, published a Bill recently to reduce the time to discharge bankruptcy from three years to one year. Last weekend at the Labour Party conference, and subsequently, the leader of the Labour Party and Tánaiste, Deputy Joan Burton, endorsed this initiative by her colleague. Speaking with Deputy Penrose it is obvious that this has struck a chord with people across the country, not just with those we might perceive to be wealthy people but people in dire financial circumstances who are unable in many cases to pay their bills. If we link that with a statistic that was brought to my attention in recent days that this Government has levied some 45 tax increases since it first came to power in 2011, it is no wonder the response to Deputy Penrose's initiative has been so overwhelming.

I ask the Leader to outline the position of the Fine Gael Party on this matter. The Fine Gael Minister is in government. Towards that end I ask that there would be a debate here, even if it was only statements, to give some indication of the way the Government is thinking because it is obvious from the debate in this House at the time with the then Minister, Deputy Alan Shatter, that the three year rule was not feasible, nor was it practical.As pointed out to him by me and others, which he refused to countenance, one can go across the Border and if one fulfils the conditions of bankruptcy, one can be discharged after one year. One can take the ferry to England and do the same, as some have done, but not everybody can afford to do that or to stay within those jurisdictions for the required time. I believe this is one way, as stated in the newspapers again today by respected commentators who are familiar with the mortgage distress area - one positive way - of resolving the issue of those who are unable to pay their debts. It would also engage the banks because they would have no choice as they would be faced with a bankrupt and they would get no money. There is a two-edge sword to this issue, in a positive sense, and therefore it is vitally important that we understand the Government's thinking on it. Given that the Labour Party now supports the initiative, what is the position of the Fine Gael Ministers? Towards that end, there is a need for a debate which would allow all Members to discuss the entire mortgage crisis issue.