Financial-sector legislation and mortgage distress
Peter Mathews argues that the Government failed to secure a satisfactory resolution of the financial crisis and calls for legislation to help distressed mortgage holders. The Taoiseach defends the Government’s negotiations and public-finance management, while the exchange is repeatedly curtailed by the Ceann Comhairle as outside normal Order of Business procedure.
To follow up on what Deputy Troy mentioned-----
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It is in connection with legislation.
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The Ceann Comhairle is so quick, it is incredible.
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He is razor sharp, in fairness to him.
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He is like a fast bowler in cricket.
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To what legislation is the Deputy referring? We normally do not have follow-up comments.
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We had the helpful input of Professor Ashoka Mody as director of the IMF team, or as part of the troika.
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He said recently and also two years ago — I gave the Taoiseach the information as a first snippet out of the newspapers, as he will remember-----
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He said we fell very far short and very limp in our representation on behalf of the people-----
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-----in negotiations for a resolution to the financing problem of this country.
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Some new legislation that could help with this, and help the 40,000-----
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In the programme for Government, the Government promised that it was going to sort out the financial sector.
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As Deputy Mathews is well aware, the Government has saved the taxpayer, by negotiation and constructive engagement, a sum in the order of €50 billion.
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The Taoiseach should not mention that figure of €50 billion. He has fallen short by €50 billion.
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Public finances are coming very much under control, and the Minister for Finance has a slow and steady hand on that tiller.
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It is taking shape very strongly, and even the Deputy recognised that. He told me so himself.
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For whose benefit? Not for the benefit of the people. Some 40,000 mortgages are in deep distress. That is 140,000-----
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Deputy Mathews said he was not great at maths.
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If statistics are correct, some are certain to take their own lives.
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Deputy Mathews said he was not great at maths.