The rate at which homes are being repossessed has increased by more than 500 per cent since last year, according to figures from the court Service.

Sinn Féin MEP, Matt Carthy said that around 586 repossession orders were granted by the circuit court in the first three months of this year, compared with 95 in the same period last year.

He continued: "All the Government's talk of an economic recovery is of no comfort to the thousands of families facing legal action across the state.

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"The Governments response to this crisis has been woefully inadequate and has instead served only to escalate the housing crisis.

"Finance Minister Noonan has always Pontius Pilate style refused to intervene with the Central Bank.

"The government of which the Taoiseach is the head has removed the legal protection of the family home and voted against a Sinn Féin Bill which was moved in order to replace it. It has also provided the banks with a veto in the insolvency process. The current mortgage targets allow a bank to classify legal actions as 'solutions'."

(CD/MH)