German OMT ruling and mortgage distress
Peter Mathews repeatedly seeks Government attention to the German constitutional court’s ruling affecting the ECB’s OMT programme and its implications for Ireland’s banking and mortgage crisis. The Ceann Comhairle rules the intervention out of order and directs him to submit a Topical Issue.
On the Order of Business last Tuesday I raised the fact that the German constitutional court had reached a majority decision which will, in effect, paralyse the outright monetary transactions, OMT, programme-----
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Thank you, a Cheann Comhairle. I tried to raise it.
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I like to try to do things. The country needs approximately €53 billion-----
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I ask the Taoiseach to set up a high level banking and finance working party to deal with the implications of these things. I will draw an analogy. Just because our normal choreography of business here deals with matters in specific forthcoming legislation or what is in the processing phase, if an item is obviously so important for the country and the inter-relationships which arose during Leaders' Questions - for example, the operation of the 13,000 mortgages in one bank which has been paralysed-----
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-----while there are 100,000 in the two so-called pillar banks-----
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There are grandparents supporting other loans that are not yet non-performing-----
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With respect, a Cheann Comhairle, that is entering a lottery. Imagine if an aeroplane with a nuclear bomb was circulating Dublin and you said we should submit it as a Topical Issue.
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The Deputies may laugh. I have obviously hit the point, which is why they are laughing.
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It would be submitted to the justice committee.
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The Deputy hit the nail with his head again.
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The decision of the German court is, in effect, paralysing the OMT. I do not like to cause this turmoil, but will somebody listen?
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Keep your hand off the time bomb, Deputy.
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I will, a Cheann Comhairle, because I respect you. However, the rest of it is a nonsense.