Mick Wallace (Wexford, Independent)

It was a great system.

Before we get out of the hole we are in we will have to engage in some form of debt write-down. I know it is difficult. The main argument put forward on many occasions is the moral hazard argument but as many others have stated, far be it for the banks to talk about moral hazard given the way they have behaved.

In general, if the structure the Minister is putting in place could be a little more flexible and more attractive for people it will be a positive move and will produce greater results. This is a huge item of work, and I acknowledge it is far from easy for the Minister. The Bill is a start. Obviously, the bank veto is very worrying but at least it is a start and I hope we can improve on it in time.

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