I welcome yesterday's announcement that we will have new bankruptcy legislation enacted before Christmas. It will reduce the period of bankruptcy from three years to one for new applicants, and to 18 months for those who are already in the system. There are good reasons for the introduction of this legislation. For starters, it will provide equality between the North and South of Ireland. It will end the bankruptcy tourism that we have seen whereby some people who have the means to declare themselves bankrupt in Northern Ireland or Britain did so to avail of the shorter period of bankruptcy there. I also think, however, that people who are forced into bankruptcy have suffered enough. A one-year period is more than enough. More importantly, it will encourage lenders to behave more reasonably when they are being offered settlements by people who find themselves in difficulties. It is also welcome that there will be bona fide requirements in the legislation - in other words, a carrot and stick approach - in order that people who hide their assets from the official assignee will have their period of bankruptcy increased to 15 years from eight.

The mortgage arrears crisis is far from over, as we all know. This legislation will improve the situation for those who suffer, as well as forcing banks to come to the table, which will bring this dreadful period of our history to a faster conclusion. I ask the Leader to arrange for a debate, whenever possible, on the continuing mortgage arrears situation in this country and the various facets relating to it, such as the mortgage-to-rent scheme which has not been embraced by the financial institutions and a number of other measures such as debt to shared equity. We need to have a wider discussion on such matters. I congratulate my colleague Deputy Willie Penrose who initiated this legislation by way of a Private Members' Bill last March. The Labour Party has played a role in bringing this to a successful conclusion.