Autumn 2011 newsletter

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LABOUR NEWS Keeping in Touch

MICHAEL MCNAMARA TD Autumn 2011

WORKING FOR YOU Dear Constituent, This newsletter contains local and national news and updates on what Labour has been doing as part of the National Government. Should you wish to discuss a matter of concern to you, please do not hesitate to contact me. The Labour Party has entered Government at one of the most difficult periods in our country’s history. The economic damage left by Fianna Fáil and the Independents who supported them is potentially ruinous. We have made a positive start, by restructuring our banking system, introducing a well received Jobs Initiative and by renegotiating the EU/IMF deal. It will take time to turn our economy around, to halt forced emigration and to help foster job growth and we take this responsibility extremely seriously. The upcoming budget will see painful

decisions being made, however the Labour Party are determined to ensure that all measures taken will be fair and will protect the most vulnerable.

What’s inside... l Government achievements l Renegotiating the EUIMF Deal l JobBridge

I have been appointed to two Dáil committees, Natural Resources/Agriculture and Foreign Affairs/Trade. I have spoken in fourteen Dáil debates and have received answers to sixteen written questions in relation to school transport, aquacultural licences, road networks and health services.

l Political Reform

Finally if there is anything myself and your local Labour team can do to assist you please do not hesitate to contact us.

l Clinic details

l Local News l Restoring the Minimum Wage l Labour Delivers in Government

CONTACT ME t: 065 689 3639 / 061 479 020 e: michael.mcnamara@oir.ie w: labour.ie/michaelmcnamara

Michael McNamara TD

Michael McNamara

GOVERNMENT REPORT ON MORTGAGE ARREARS: LABOUR DELIVERS The publication of the Government Report on Mortage Arrears is a major milestone on the road to dealing with the mortgage arrears crisis and shows that, once again, Labour is delivering in Government. The mortgage arrears problem is one of the most pressing economic and social problem that Ireland faces, and Labour is determined to tackle it head on. The recommendations of the report contain many of the key principles and arguments put forward by the Labour Party over the past few years. Key elements of the Report: The mortgage arrears crisis is a human crisis, that is keeping thousands of families in a state of fear and distress, and which is acting as a drag on our economy. It is now time to confront it. Up to now, there were only two solutions to mortgage arrears: forbearance or foreclosure. Labour has strongly supported the forbearance policy, insisting that families should where at all possible stay in their homes. People cannot, however, stay in Limbo forever – we now need to see solutions put forward other than the simple choice between forbearance and foreclosure. The Government Report on Mortage Arrears contains proposals for a set of targeted and tailored measures that will provide new options for families that find themselves in distress. There will be no blanket debt write off – people will be dealt with on a case-by-case basis. Every solution will have consequences, such that nobody will be better off if they simply stop paying their mortgage. The targeted interventions include: l Reform to the bankruptcy law and the introduction of a non-judicial debt settlement process to strengthen the hand of the

borrower l At least 100 mortgage advisors to help home-owners who will be making difficult decisions, and to level the playing field

with the banks. The banks will pay for this service l Two new mortgage-to-rent schemes, one involving housing associations and one involving Local Authorities l A ‘split mortgage’ scheme that will divide a mortgage into what a person can reasonably be expected to bit, and the residual

that will be ‘warehoused’.


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