Darragh O'Brien (Fianna Fail) | Oireachtas source

I draw Members' attention to No. 3, a Bill I have produced with my colleagues with a view to assisting Irish businesses, the SME sector in particular, in accessing State contracts. I will be circulating a note on the Bill and ask Members to examine it. We have all received representations on how the State might do more to support businesses in accessing State contracts. What I propose in the Bill is already being done in other EU countries, including Denmark and Scotland, and complies with EU rules. I am hopeful Members will be able to support it on Second Stage and that, should it require amendment, we can scrutinise it further on Committee Stage.

The figures released by AIB which, according to anecdotal evidence, is not the worst bank when it comes to dealing with individuals in arrears reflect the increasing number of repossession orders being issued by all of the banks. This issue has become particularly acute in the past year, as we predicted would happen owing to the Government's introduction of the Land and Conveyancing Law Reform Act 2013 which made it easier for banks to repossess homes, the watered down code of conduct on mortgage arrears which set aside the previous code and the abolition of mortgage interest supplement which had probably been the most targeted way of assisting those in arrears in making interest payments on mortgages. Families across the country are living in fear that their homes will be repossessed. I am certain that we have all been contacted by numerous people seeking our assistance in keeping the family home. That is ridiculous in a modern society. The system in place gives the banks a full veto. We argued against the inclusion of this provision in the personal insolvency legislation and, unfortunately, the issue has come home to roost. In this city and county less than 20 applications under the mortgage to rent scheme have been approved by lenders and local authorities in the past three years. There has, therefore, been a total failure to grapple with the problem.We have seen an increase in the value of properties over the past 18 months to two years. The banks are now moving because they know they will get as near as full if not full redemption of their loans. They are enforcing this even when people are doing their best to try to pay something. This is the single biggest problem we are facing at the moment, and the Government is doing nothing about it.

My colleague, Deputy Michael McGrath and others in the other House, and I, in this House, raised only a few weeks ago the ongoing scandal of the rip-off of variable mortgage rate customers. It is an utter scandal, yet there has been no action. Only now is the Government talking about having a look at the bank veto. It might have a look at doing something about the variable mortgage rates. We do not have time. People need action.

I am proposing an amendment on the Order of Business that the Minister for Finance would come into this House and outline what are Government plans to remove the bank veto and to ensure that people are afforded, at least, the protection of retaining their family homes to live in. This situation is getting worse daily.