A week of progress on promises - Eamon Gilmore
Posted on June 29, 2012 at 04:49 PM
Two key measures to deal with the issue of personal and mortgage debt were announced this week.
Yesterday, Minister for Housing, Jan O'Sullivan launched the Mortgage to Rent scheme on a national basis. This scheme will allow for transfer of ownership of the property to an approved housing body, with the family becoming tenants. We want to ensure that where possible, families can remain in their homes.
Today the Government launched the Personal Insolvency Bill which radically reforms Ireland's bankruptcy laws; provides for Debt Relief Notices for debts up to €20,000; and a Debt Settlement Arrangement and Personal Insolvency Arrangement which will allow home owners to enter into an arrangement with banks in order to write down mortgage debt on a case by case basis.
But the really critical change is the reform of Bankruptcy law. This will dramatically change the balance of power between customers and banks. Banks now know that they have to offer reasonable proposals; otherwise the customer will have the option of bankruptcy.
When we came into Government, we promised that we would tackle the complex issues around distressed mortgages and personal debt. Every day we are working hard to deliver on that promise.
I'm sure you'll agree that from Labour's point of view, these developments are as welcome as they are encouraging.
Eamon Gilmore TD
blog comments powered by Disqus
- Building an Equal Society: Labour's Alternative Budget 2020
- Labour Youth Honours the Work of the INMO
- 57 Labour Councillors Elected
- Alan Kelly
- Aodhan ORiordain
- Arts Sport & Tourism
- Brendan Howlin
- Community Rural & Gaeltacht Affairs
- Connolly Commemoration
- Consumer Affairs
- Eamon Gilmore
- Enterprise Trade & Employment
- Foreign & European Affairs
- Gerald Nash
- Ivana Bacik
- Jan OSullivan
- Joan Burton
- Labour Women
- Labour Youth
- Leaders Questions
- Local Government
- Marine & Natural Resources
- Michael D Higgins
- Northern Ireland
- Sean Sherlock
- Social & Family Affairs
- Social Inclusion
- Tom Johnson