Back in 2008, at the outset of the banking and financial crisis, I said the fear of losing one's home was even more traumatic and stressful than the prospect of losing one's job, even though the two often go hand in hand.

I understand the Taoiseach has wisely chosen to meet the practitioners from the insolvency services which is welcome and long overdue. Unfortunately, the insolvency services, as set out under legislation, are not working. At the time that the legislation was put through I regarded it as a bankers' charter. Unfortunately it has turned out to be a bankers' charter because the banks can veto everything that happens. The so-called resolution process for mortgages in distress, under the same legislation, really is a long and winding roadmap to repossession. That is where it ends up and that is where it always ends up.

For us to move, assist and facilitate any repossession of family homes, where people are doing their best to meet their repayments, is tantamount to eviction. These are people who cannot pay; it is not that they will not pay. The Government should not have any hand, act or part in such endeavours. We must revisit the legislation and the insolvency provisions because the banks cannot be allowed to carry on like this. We have a ticking time-bomb because between 25,000 and 40,000 mortgages - a conservative estimate - are in serious distress and deficit of over two years so it is an unsustainable debt. All that will happen, one way or the other, is that it is the taxpayer who must pay. If these people's homes are repossessed who will have to rehouse them? It will be the taxpayer. The bank will write-down the value of the property and then sell it to someone else which is not a solution. The banks must be stopped in their tracks. This social time-bomb will explode this year unless the Government intervenes.