I compliment the leaders here today on raising the very important issue of distressed mortgage owners and the fact that they are terrified and worried. I want to give the Kerry perspective, because I was asked to raise this very important issue here today. I appreciate the response that the Taoiseach has already given. However, it is a most serious issue. We must think of these people, working every day of the week trying to pay their mortgages. Vulture funds can come along and buy their loans at a massive write-down, but the mortgage holders cannot benefit from that. If this Government, and the Opposition working with it, want to be remembered for doing one positive thing, that would be protecting those people. There are businesspeople with mortgages that they desperately want to pay. As the Taoiseach said earlier, they are respectable people. All they want to do is to pay off their loans, but they do not want to be robbed by these vulture funds. If the legislation is not prepared, it should be drafted and introduced, and it should be watertight to protect these people.

On that same subject, I strongly support the points raised by the various spokespersons on this issue today. This is a means of protecting those mortgage holders who are making a deliberate, specific and valiant attempt to meet their requirements. We must differentiate them from those who do not wish to pay, do not engage and have made no attempt to pay. It is hugely important to reassure the thousands of people who are likely to be affected, as well as the other banks that are about to take similar action. It is utterly unthinkable that nothing would be done about it. As I have said before, I have already circulated a Bill to the Minister that would do a similar job. The purpose is to introduce a code of conduct to take this away from the sole control of the banks and to put it in the hands of legislators.

I wish to add to the debate, given that Independent, Fine Gael, Fianna Fáil, Sinn Féin Front Bench and back bench Members have now all spoken on this issue. I also spoke on it last Thursday. I re-emphasise its importance and I want to let the Taoiseach know that there is 100% support across the floor for the Bill that will be introduced by Deputy Michael McGrath tomorrow. I urge the Taoiseach not only to support it, but also to ensure that it passes speedily into law.

This is a hugely important issue for Deputies given the number of people who have raised it today. I reiterate that, as a Government, we stand on the side of people and families who are making an honest attempt to settle their debts and pay off their mortgages and loans, whether business or personal loans. PTSB has not yet sold any of these loans and it has not identified a buyer. People are assuming that the buyer will be a so-called vulture fund. I am not sure if that assumption is correct. PTSB is required to consult the Minister for Finance before advancing any sale because we are the 75% owner of the bank. That has not yet happened.

A Code of Conduct for Mortgage Arrears is in place and it applies to loans and mortgages that are sold on to another buyer. Under the code, a lender may only commence legal proceedings for repossession of a borrower's primary residence where the lender has made every reasonable effort under the code to agree alternative repayment arrangements with the borrower and the specific timeframes set out in the code have been adhered to or the borrower has been classified as not co-operating and notified in accordance with the code. When the courts are presented with repossession cases, they take that seriously.