Joint Committee on Social & Family Affairs
(2nd Report on High levels of Indebtedness in Irish Society, February 2010)
Report from the Joint Committee on Social and Family Affairs on 'High Levels of Indebtedness in Irish Society'
http://www.oireachtas.ie/documents/Committees30thDail/J-SocialFamilyAffairs/Reports_2009/20100216.doc
FLAC Press Release
http://www.flac.ie/news/2010/02/16/oireachtas-committee-echoes-flacs-call-to-take-debts-out-of-the-courts/
Oireachtas PR
http://www.irishpressreleases.ie/2010/02/16/moratorium-on-banks-repossessing-homes-should-be-increased-from-12-to-24-months-oireachtas-committee-report/
Background
This report arises following the growing concerns among the members of the Joint Committee on Social & Family Affairs on the high levels of indebtedness in Irish society. Indebtedness is a serious problem in the lives of many Irish people today. During the past decade the personal household component of private sector credit has risen to record levels in Ireland and indeed in many other OECD countries.
Table of Contents
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Title
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Page
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Foreword and Acknowledgements.
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4
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Chapter 1
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Introduction, key issues and conclusions.
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6
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Chapter 2
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Conclusions and Recommendations
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20
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Appendices
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Appendix 1
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Transcripts of a meeting held on 29 April on Roundtable discussion on the level and trends of personal debt in Irish society (Money Advice and Budgeting Service (MABS), Irish Financial Services Regulatory Authority (IFSRA), Free Legal Advice Centres (FLAC)s, Community Welfare Officers (CWO)s and the Central Bank).
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24
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Appendix 2
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Transcripts of a meeting held on 24 June with proposals of the banking sector to assist customers who are experiencing high levels of indebtedness including those at risk of repossession of their homes (Irish Banking Federation) and the current level and trends of over indebtedness in Irish society (Mr. Liam Croke, Financial Adviser).
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46
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Appendix 3
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Presentations made to the Committee by the Money Advice and Budgeting Service (MABS), Irish Financial Services Regulatory Authority (IFSRA), Free Legal Advice Centres (FLAC)s, Community Welfare Officers (CWO)s and the Central Bank, Irish Banking Federation and Mr. Liam Croke, Financial Adviser.
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76
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Appendix 4
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Letter and e-mail from the Irish Banking Federation responding to issues raised by Committee Members.
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130
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Appendix 5
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Transcript of a meeting held on 1st December with Educational Building Society (EBS) regarding Proposals to assist those in mortgage arrears
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136
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Appendix 6
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Presentation made to the Committee by Educational Building Society (EBS)
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152
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Appendix 7
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Report commissioned by EBS and produced by Bloxham Stockbrokers entitled ‘Potential Solutions for Mortgage Debt Management in Ireland’.
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162
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Appendix 8
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Staff Position Note by the International Monetary Fund (IMF) entitled ‘Foreclosure mitigation efforts in the United States: Approaches and Challenges’.
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196
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Appendix 9
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Members of the Joint Committee
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240
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Appendix 10
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Orders of Reference of the Joint Committee
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244
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Foreword by the chairman of the Joint Committee on Social & Family Affairs, Jackie Healy-Rae, T.D.
The Joint Committee on Social & Family Affairs was established in October 2007. In its 2009 Work Programme the Committee identified the high levels of indebtedness in Irish society as a priority issue. In 2009, the Joint Committee held a number of meetings with those directly involved with the issue including the Money Advice and Budgeting Service (MABS), Irish Financial Services Regulatory Authority (IFSRA), Free Legal Advice Centres (FLAC)s, Community Welfare Officers (CWO)s and the Central Bank, Irish Banking Federation and Mr. Liam Croke, Financial Adviser. The Educational Building Society (EBS) also came before the Committee to outline proposals to assist those in mortgage arrears.
Arising from this the Committee decided to produce a report on the high levels of indebtedness in Irish society.
In July 2009, the Committee appointed Deputies Thomas Byrne and Olwyn Enright, who are members of it, to produce an analysis of the written and oral presentations received. Based on this analysis, and inputs from other Committee members, a draft report was drawn up by the Committee and completed in February 2010. The report, as amended, was agreed.
The Joint Committee would like to thank Deputies Byrne and Enright for producing such a comprehensive and insightful report and to Senator Larry Butler for providing valuable assistance to the report authors. The Committee expresses its gratitude to all those who came before the Joint Committee to give evidence and to those who took the time to make written submissions.
The Joint Committee also requests that the issues raised in this report be the subject of a debate in both Houses of the Oireachtas.
Jackie Healy-Rae, T.D., Chairman, Joint Committee on Social & Family Affairs,
February 2010. |
