Tony Mulcahy (Fine Gael) | Oireachtas source

It is important that we know who and what we are talking about. If somebody reads a newspaper story, he or she can play it in any way he or she likes. The Government has opened various avenues to tackle the dire mortgage issue, as Senator Aideen Hayden indicated. I thank her for her contribution. I will not say everything the Government has done is great or wonderful and that we will dig our way out of this hole. We are not doing enough, as I said to the Minister for Finance, Deputy Michael Noonan, 20 months ago when he introduced the insolvency legislation. I asked him what would happen if the banks did not tell the truth, act responsibly or try to help? Many people who are losing their homes seek social housing support. Although I use the term cautiously, they again become a burden on the State. I do not mean that in a bad way.

We have bailed out the guys who are putting people out of their houses. We must seriously consider having a veto. It is not often that I agree with my colleague, Senator Mark Daly, but we are cut from the same cloth some of the time. The absence of a veto is the problem, as Senator Kathryn Reilly said. We need an independent assessment body that would instruct the banks and this would involve a veto.

The bankruptcy period should be reduced to one year. We did a "Paddy" job when we reduced the period from 12 years to three, whereas in England, America and everywhere else there is a one-year period. We need to revisit that issue and if we are to put manners on some of the banks, that is how we should do it. I have two clients who were hopelessly in debt on commercial properties. I advised them to take the bankruptcy route. I am thankful that both of them are in a better place today. That is the methodology that should be used to deal with the problem. If there are bodies which are acting through solicitors and accountancy firms, they should be reported to the accountancy and legal bodies. That is where we should start. I would have no problem in naming and shaming the fellows who show up with dogs and wearing hoods. We need to have the courage to name them.

I welcome the Minister of State's contribution and the fact that the Minister will examine the issue. However, the Minister and the rest of us who are members of the Government parties need to do a little more than examine this issue and the mortgage crisis. My parliamentary party was promised a statement six or eight weeks ago, but I have not yet heard it. I would like to hear soon how we will deal with this issue. Senator Mark Daly has said the crisis is being experienced now. I would not in any way rely on the banks we bailed out to offer any solution. They must be told what to do and made do it. That is the only way to deal with the matter.