Nicole Ryan (Sinn Fein)

As noted, this is a technical update. As it does not affect the types of insolvency proceedings or practitioners recognised in Ireland, Sinn Féin will support it. When we talk about insolvency, we talk about debt. We are talking about people's homes, lives and futures, as the Minister knows, so while this measure may be administrative in nature, we cannot ignore the debate in the broader context of how insolvency plays out in our State. Right now across the country, there are families who are struggling, as the Minister knows well. They are trapped in cycles of unsustainable mortgage debt. Many are victims of vulture funds, and one in four people who has fought back from mortgage arrears is being dragged back again, not through recklessness but by interest rates of over 6% and, in some cases, 8.5%. They are mortgage prisoners. They have done everything right in that they have paid, negotiated and restructured but they still find themselves being punished. Therefore, when we talk about harmonising insolvency proceedings across Europe, we have to talk about harmonising justice and fairness here at home, too.

We saw the most recent changes in legal aid for personal insolvency cases under Abhaile, changes that strip back many people from the right to have a barrister represent them in court, even when facing complex proceedings against heavily resourced banks and funds. Despite this, there is the fact that 65% of such cases, when properly resourced, result in rulings in favour of the borrower.

While the regulation is technical, as the Minister will know, justice is never just technical. Sinn Féin recognises the construct of international co-operation. We understand the need for mutual recognition of the framework across borders but we must also be the voice for those who sometimes cannot afford to hire a barrister, who can barely keep the lights on and who fear every brown envelope that comes through the letter-box. The opting in to the regulation may be a formality but the broader issue of debt insolvency and financial justice in this country is far from resolved.