Rose Conway Walsh (Sinn Fein) | Oireachtas source

I welcome the Minister of State and say "fair play" to the activists, Senators Norris and Boyhan, Deputy John McGuinness and all the other people who have made it possible for us to discuss this Bill. I acknowledge its attempts to stop the tide of citizens and families being turfed out on the streets. It was apt earlier when Senator Norris spoke about evictions, because that is what they were. As legislators, we are facing the question of whether the Government will continue to condone evictions. My party and I certainly cannot stand over that.

This is not a perfect Bill but we do not deal with perfect Bills. We get Bills and we do our best to make them perfect through various stages of scrutiny and debate. I am glad Senators Norris and Boyhan have said they would welcome amendments. Today, it is all about the principles and spirit of the Bill, and it is a spirit I am very happy to support. My party has brought legislative proposals before aimed at giving borrowers a chance, at least. For example, our land and conveyancing reform Bill in 2013 could have made a huge difference but, sadly, it was rejected. The same old Government line has triumphed since in that the banks must come first and the borrower and rights of consumers are bottom of the list. We have seen this in delays dealing with the tracker mortgage debacle, which I see as a crime. The closure of rural facilities and the flotation of AIB reflect the attitudes of banks and them never being reined in to be held accountable. When we invite representatives of banks before the finance committee, we have seen even in the past number of weeks that they have refused. The excuse of the partial flotation of AIB has been used, with all the other banks trotting out the same lines that they will not come in for a number of months. That is not acceptable.

That is the mentality that has us in this position and it must change. The former Minister for Finance, Deputy Noonan, rolled out the red carpet to vulture funds. This time last year, I put to him at the economic dialogue gathering as to whether he had quantified exactly the amount of money lost through the sweetheart deals he was giving to vulture funds. He never addressed the matter and he saw those funds as a solution. I certainly never agreed with him in that respect and they are part of the problem. Vultures do not kill but they prey on the carrion. These funds actively kill off small businesses and attack owners. They are predators rather than simply vultures.

As has been noted, there is an idea in Ireland about land and home ownership that we should cherish. There is also a history in Ireland of corruption, cronyism and protection of the golden circle. We can consider the €67 billion given to the banks we are here to speak about and we forget that we are paying €7 billion or more every year just to service that debt. It is €7 billion that could be used on physiotherapy and health or other services that people are in desperate need of around this country. We should all be clear that the banks got away with it and continue to do so. That is why what we are discussing today is so important.

Some people tell us there is a low rate of repossession in this country but that ignores the so-called voluntary surrenders and, more importantly, the context. The same banks wrecked the country, destroyed the economy and made tens of thousands of people unemployed, as well as forcing people towards emigration. We are now speaking as if everything is okay and we have full employment. Nevertheless, I come from an area with unemployment rates of more than 30%. How can that be explained? The banks have gotten away with the major part they played in bringing that about.

As people have try to recover, the banks have come knocking on the door, saying that we owe them. We have it backwards. In a normal context this Bill would be unnecessary.There will always be a small number in society, as alluded to, who through bad luck will fail to repay their mortgage. There will also be a number of people who can pay but will not do so, in respect of whom there must be the possibility of a threat. When we have a societal and economic issue of this scale, a different approach is needed, but the conservative powers in the State simply cannot contemplate that type of action. That is the crux of the problem. They promised limited actions, but even are not being taken. A review of thresholds and the processes for the personal insolvency arrangements, including SMEs, to raise them, where appropriate, was promised. The establishment of a dedicated new court was also promised, but, again, that has not happened. The Government promised to work with the Central Bank to amend the code of conduct for mortgage arrears, but that, too, has not happened. All of these things have not happened because of the policy that the banks must come first, but they have never been held to account. It is excruciating to witness their arrogance and the benign attitude the Government has shown towards their behaviour, but they could not care less about citizens because they know that there are no sanctions and that the close knit elite will not bring their friends to account. They also know that there are no sanctions against those who engage in white collar crime and they have had all of the evidence they need even in recent weeks.

There are questions about initial financing and the way a co-op would operate. We will, therefore, need information as the Bill progresses. A lot of work will need to be done to iron out the concept until it resembles what is a living entity. My party is prepared to put in the hard work with others as these are societal and economic issues that need to be addressed. It is not just a banking issue, even though we have concentrated on the banks today, but we have a duty to act. However, we must also act responsibility and consider the full consequences of our actions. The Bill should progress and Sinn Féin will support it on this Stage.