Deputy O'Brien said: "In the programme for government the coalition said that 'a more radical approach is needed to protect families in fear of losing their homes.
"The shocking reality is that from the middle of 2009 until the end of 2012, serious arrears on residential mortgages grew by 360 per cent.
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"The government's proposal does nothing to tackle any of these issues and while the banks have been told to offer sustainable arrangements to those in trouble, there is no definition of what sustainability actually means and no independent appeals board to which people can appeal if they feel they have been unfairly treated by the bank.
"While in power Fianna Fáil were singularly responsible for the over inflation of the housing market, and thousands of families are now at risk of losing their homes.
"Sinn Fein is of the view that the current insolvency legislation gives far too much power to the banks. We also believe that sooner or later some form of debt forgiveness or write down will have to happen.
"Of course any discussion of mortgage arrears or household finances must now factor into the debate an additional burden in the form of the Family Home Tax.
"This is an extra tax burden for homeowners. It is unfair and should be scrapped immediately."
(CD)
