Aideen Hayden (Labour) | Oireachtas source

I support calls by Senators Bacik and Naughton, and I called for the same last week, for a debate on the whole issue of mortgage arrears. It is no secret that there are between 7,000 and 8,000 applications before the courts and that an estimated 25,000 actions for repossession are expected to take place this year.

I would like to broaden the debate beyond simply a review of the Insolvency Service of Ireland and the legislation grounding it. We need to go back to basics and have a further debate on the whole issue of the code of conduct for mortgage arrears and the mortgage arrears resolution process because the way it is drafted puts the borrower at a disadvantage. Until we go right back to the beginning of this process we are never going to have anything approaching a level playing field.

We have a scenario where even access to the insolvency process depends on the borrower having engaged with the banks. My difficulty is with who determines whether somebody has engaged or not because it is the banks. Who decides whether what has been offered is a sustainable option? It is the lending institution.

I ask for a debate to be arranged, as a matter of urgency. I also ask that we extend it in order to talk about what happens from the beginning of the process and not just debate what happens at the end.