Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It is too early to say that the personal insolvency legislation is not working. It is certainly effective in terms of the number of people who are now applying for bankruptcy. In regard to restructuring loans, it does not yet seem to be dealing with a large quantum of impaired loans but we are in the early days of its operation. I suggest that in the first instance the appropriate committee of the House to examine progress may be the Committee on Finance, Public Expenditure and Reform. I am sure the Minister for Justice and Equality is open to suggestions from that committee on amendments which might improve the efficacy of the legislation.

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