Mortgage distress and insolvency legislation
Peter Mathews sought ministerial orders under the Land and Conveyancing Law Reform legislation and pressed for urgent action on distressed mortgages, criticising the Government’s insolvency response. Despite repeated rulings that the issue was out of order, he continued speaking and was ordered to leave. The Taoiseach said insolvency measures were due in April, cited restructured mortgage accounts and explained why emergency misuse-of-drugs legislation was required.
In regard to the Land and Conveyancing Law Reform Bill, when will the ministerial orders and regulations be brought in? I wish to be specific and pragmatic. It does not give me any pleasure to say this, but the Misuse of Drugs (Amendment) Bill is coming into the House as rushed legislation. Last Friday, we had Deputy Michael McGrath's very worthy Bill, which addresses the issue of the 40,000 mortgage home loans that are in distress. That number equates to three Aviva stadiums full of human beings in deep human distress.
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The Land and Conveyancing Law Reform Bill, coupled with the insolvency legislation, have been an abject failure in dealing with the problem that has been highlighted in red and orange lights since 9 March 2011. The Taoiseach might ask how I know that. I know it because I was one of the people who said that to him. Will he please address this tsunami? We are in our offices with green paper and yellow paper-----
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-----coming at us like a blizzard, and different ministerial sections of different Departments are coming at us such that we cannot even think and measure the problem. We will not solve a problem unless we understand the cause.
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Deputy, we cannot discuss this on the Order of Business. The Deputy should table a Topical Issue matter and I will consider it.
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The banking inquiry is taking place down in a committee room at present, but this is the banking inquiry that needs to be solved - the 40,000 mortgages that are-----
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All we have to do is to take Deputy Michael McGrath's Bill and Deputy Willie Penrose's suggestion, merge the two of them and get them through this week.
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It would be better legislation than these two items that have failed.
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I am only telling the Ceann Comhairle the reality. The Taoiseach has been let down by the people who should have been doing their jobs, but they have not done so.
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The Ceann Comhairle is always telling me to sit down.
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I am helping the Taoiseach. I am bringing to his attention things that need to be done.
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I ask the Taoiseach if we could have a quick turnaround-----
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-----and a commitment to take Deputy Willie Penrose's Bill and-----
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-----Deputy Michael McGrath's Bill forward this week.
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Well, you should not do it. You could put down a Topical Issue matter. Sit down, please.
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Excuse me. May I stand up for a moment?
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In future, if the Deputy wishes to raise an issue, I ask him to do as everybody else does and submit a request to raise a matter as a Topical Issue, not on the Order of Business.
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I have tabled Topical Issue matters previously and they have not been selected.
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-----with a number of other measures being brought forward by the Government. I dealt with this issue this morning. I will point out for Deputy Mathews that 115,000 mortgage accounts were classified as restructured at the end of 2014.
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With respect, that is absolute rot.
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The Deputy will get covered on Vincent Browne's show tonight.
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In regard to the taking of the Misuse of Drugs (Amendment) Bill, the reason is that the Court of Appeal struck down the protection given by ministerial direction for certain drugs to have them declared illegal. That now requires primary legislation, which must be dealt with this evening and tomorrow in the Seanad.