Aideen Hayden (Labour) | Oireachtas source

I had a guest in the Visitors Gallery and beg the Leas-Chathaorleach's pardon.

I wish to make a contribution on the issue of the engagement with AIB yesterday. A number of speakers have mentioned it and the positive outcome that it is willing to look at variable interest rates in the near future, which is to be welcomed. Despite the nation's shares in AIB, the fact remains that even though the shareholding is 99.9%, it still has a commercial mandate. I personally favour taking AIB into 100% State ownership and changing its mandate, but that is a debate for another day.

There were a number of other aspects of the engagement yesterday which I would like the Leader to take on board in terms of a debate in this House, which many of us have called for, on the wider issue of the mortgage crisis. One of those aspects is that AIB, in determining whether a mortgage is sustainable, not only accepts the recommendations of the Insolvency Service of Ireland but then adds 25%. That is part of the reason why a number of AIB mortgages are more sustainable in the longer run than those in other lending institutions.

AIB has also said it is willing to look at having an independent body decide on what is a sustainable mortgage. This has been one of the big issues in terms of the number of reconstructions of mortgages going back into arrears, feeding into the courts system, and feeding into repossessions. It is something the other banks should consider very carefully and they should also move in that direction.

AIB also indicated that the engagement of an independent body, the Irish Mortgage Holders Association, which is independent of the bank, does facilitate the engagement of borrowers with the bank and it has been very satisfactory in terms of bringing a number of cases to conclusion. This is something that is very important and should be fed back to the Minister.

There are a number of issues. To be fair to the finance committee, AIB was the first bank to be called before it. On a number of the questions that were raised, it gave progressive and positive responses. I suspect we will not be getting such positive responses from some of the other institutions which will come before the committee.

I have said this so many times it is becoming like a broken record but I will again reiterate that, like other Members, I want an engagement with the Minister for Finance in this House on the issue of mortgage arrears. Requests for his attendance in the House have been ongoing for in excess of 12 months. It is disrespectful to this House that he has not deemed fit to come in here and address the issue.