Kevin Humphreys (Labour) | Oireachtas source

-----so we must look at this in a logical way. If the Minister of State wants to deal with supply, I can give him many suggestions on how to do so. One very simple suggestion would be to introduce legislation on short-term lets. This could provide 2,000 units overnight just within the Dublin area, not to mention Cork, Leitrim, Galway or wherever else this could be done. If the Minister of State wants to deal with supply, there are mechanisms that can be used. We are trying to reduce demand. I have listened to comments to the effect that the Bill needs to be a money Bill. I am not convinced it does, but we can discuss and flesh that out.

I remember when Deputy Willie Penrose introduced bankruptcy legislation that it was constantly said that as a result of the changes in that legislation, the sky would fall in if we let people off with bankruptcy of less than 12 years. It was said everyone would be going bankrupt, etc. The sky has not fallen in. People have been able to get on with their lives, start up new businesses and buy homes due to that Bill, so Members should not be too quick to say the Bill before the House is a bad idea. It has a lot of merit.

The Sinn Féin Seanad leader in her contribution said the Bill needs amendment. Everyone who supports the Bill openly said that it does and that it can be amended and improved. It is on Second Stage in the House so that we can start that discussion and conversation. I would very much like to see the Bill progress to Committee Stage, when we could have a robust interrogation of the Bill and how we can improve it not in a party-political sense, but in a way that will help people facing huge arrears.

Is there an opportunity for families to purchase their loans at the price they are being sold on for? We see loans of €200,000 being sold on for €90,000. We all know families in Ireland would come together and chip in and would make an effort to buy that home if it were offered to them at €90,000. Can we start looking at such mechanisms?