Jennifer Murnane O'Connor (Fianna Fail) | Oireachtas source

Fianna Fáil supports the Bill in principle, however, we believe it is incomplete.

Fianna Fáil's position on mortgage arrears is that every effort should be made to keep families in their home. It has been ten years since the onset of the financial crisis but no sustainable long-term solution has come from the Fine Gael-led Governments to tackle the issue and assist families in genuine mortgage arrears. That is a fact. Fianna Fáil published a mortgage resolution office Bill in 2013, which would have allowed an independent office to assist families. The previous Fine Gael Government rejected it, as its preference was to allow the banks to retain a veto. This discouraged families from engaging with the banks to resolve their mortgage difficulties, as they believed the banks did not have their best interest at heart. Even though there has been a very slight decrease in those in mortgage arrears for more than two years, there are still 33,000 homes in mortgage distress and in the past two years there has been a worrying increase in the number of mortgages that are in arrears for more than 90 days. This remains a major challenge.

Fianna Fáil is bringing forward a Bill on mortgage arrears resolution, called the Mortgage Arrears Resolution (Family Home) Bill 2017. Deputy Michael McGrath is moving the First Stage of the Bill in the Dáil today. I know a group has been working on the Bill for the past few months. This campaign led by Fianna Fáil to remove the veto power from the banks and other lenders has been ongoing for a number of years but Fine Gael has refused to budge. It is still said by MABS and personal insolvency practitioners that the biggest hurdle is dealing with mortgage lenders. This new Bill would use the current insolvency mechanism, but it would remove the banks' veto. It would force the lender to come up with a sustainable long-term solution. If the lenders do not come up with a solution, then the mortgage resolution office, which is under the personal insolvency service, will create a mortgage resolution order. This would involve the office coming up with a sustainable long-term solution and allow families to stay in their homes.

Fianna Fail supports the principle of keeping people in the family home and while it supports the intention of the National Housing Co-operative Bill 2017, there are some very serious questions and concerns that need to be addressed. While well intentioned, the Bill lacks clarity and at a minimum requires the availability of €5 billion and the recruitment of at least 300 staff. In debating this legislation we have been absolutely honest and clear about what is possible in the context of the Bill. As it stands the Bill will be stopped before it enters Dáil Éireann as it will not receive a money message. Opposition parties or groupings are prevented under Article 17.2 of the Constitution from passing legislation that involves significant cost. From reading the Bill, it is clear that it is a money Bill and only the Government can proceed with a money Bill.