Kevin Humphreys (Labour) | Oireachtas source

This is the debate the Bill is allowing to take place. However, this will not solve everything, which is why the co-operative and how it can be purchased is an innovative idea. There are pension funds, the ECB and investment institutions that are looking for what I call moral ways to invest money. They are looking for returns but they want to make a contribution to society.

I very much appeal to the two major parties in the House to allow the Bill to progress. Let us work on it together and see how it can be improved. Let us see what we can learn from the debate and the discussion. The proposals in the Bill do not claim to represent the font of all wisdom; they beg a discussion and a proper debate that we can have on Committee Stage, when we can take further evidence. The Bill could be improved, but let us get on with the work.

I have always said that I do not want to see anyone left behind, but thousands of families are being left behind, and we must examine how we can assist them to make sure they have roofs over their heads. We must ensure that as few people as possible lose their homes. I thought there was adequate legislation and that the Central Bank rules would reduce somewhat the inflated housing prices, but that is not happening. Senator Kieran O'Donnell said we do not want it to happen again, but all the signs are there that it is happening again. Young people are becoming more and more pressurised. They are not even that young; they are in their early 30s. They are in their family formation years and are desperate to buy a house, have a home and start a family and they are getting pushed more and more into these inflated house prices. I very much worry that we are at the beginning of a cycle in which this will all happen again. This is why it is so important to make sure we do everything we can to assist the people who were burned and crucified through the last recession. I believe this Bill starts that conversation.

As I said, I commend the people who assisted in introducing the Bill, namely, Deputy McGuinness and Senator Norris, but let us not leave it lying around. Let us progress it and see how we can improve it. I would like to make some amendments to it and I will further engage with Senator Norris later in that regard, but let us move on and get about the business we were elected to do, that is, to pass legislation that protects the citizen. I again thank Senator Norris for proposing the Bill.