Land law and repossession legislation
Pearse Doherty asks whether legislation removing barriers to repossessions will protect homeowners and refers to uncertainty over a promissory-note deal. The Taoiseach expects the Land and Conveyancing Law Reform Bill this session and says ECB negotiations should conclude before the next payment date.
The Taoiseach referred to the troika. Does the Government plan to bring forward legislation to amend the Land and Conveyancing Law Reform Act 2009 to remove the legal impediment to repossessions based on the troika's advice to it? Will such legislation contain provisions to protect homeowners against repossession?
In the past 24 hours we have been subjected to a number of well known and well regarded economists speaking on RTE radio and television. All three stated it was unlikely that the State would achieve a deal on the promissory note. I hope they will be proved wrong and that we will have a sustainable and substantial deal. I ask the Taoiseach to facilitate statements on the ECB's rejection of the preferred option. This is against the background of a technical paper which has taken 18 months to prepare and the first formal proposal has been rejected by the ECB. The amount of money involved is substantial and significant and will have an impact on every person. The House should not be kept in the dark any longer on the Government's strategy in the talks.
Comment on this
The Bill to amend the Land and Conveyancing Law Reform Act is expected this session.
As I advised the House yesterday, the discussions and negotiations with the European Central Bank are ongoing; they have not been concluded. We expect the matter to be brought to a conclusion before the end of March, the next payment date.