Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

There is a mortgage arrears relief programme which sets out the code that must be followed. In addition, we have made it very clear that the money we the taxpayer have put into the banks to recapitalise and make provision for the losses in their loan books must be used systematically to deal with people who are genuinely unable to meet their mortgages. Targets have been set for the banks to have workable restructuring programmes developed for each mortgage holder, with a 50% target by the year end. We are moving to deal with what has dogged many other countries that have had banking crises of this nature, namely, a failure of banks to face up to the situation and to allow people to get on with their lives. That is what we are putting in place.

In addition to the programme I outlined we have also put in place personal insolvency legislation. That provides people who have failed to reach an agreement at the end of negotiation with the banks to go to the personal insolvency service and have their case dealt with independently.

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