Liam Twomey (Wexford, Fine Gael) | Oireachtas source

The IBRC has been fairly flexible and proactive in how it has been achieving objectives over the past number of years. Does IBRC have connection with asset management companies such as Certus, which is involved in getting out of the Irish market as quickly as possible on behalf of some of the major UK banks?

There is a NAMA unit within IBRC. NAMA is much bigger than IBRC in the overall context of asset management in this economy and in other economies and even the other banks, like Allied Irish Banks and Bank of Ireland, which are in a similar position to IBRC. Do the banks pool information? Do they discuss how they will move forward in the context of the big boys and the MARS programme? For this to be sorted out, something must be done. This has been mentioned by others as well. Buy to let is a big problem. The SMEs are finding it difficult to move on because, to some degree, they are burdened with a property debt. People are genuinely suffering because of the residential property market, and that is very much a moral consequence of where we are. Does IBRC discuss this with the other banks to see if they can move this forward?

When other banks have appeared before the committee, we have often found that some of them have a very negative attitude towards doing something about debt write-down. I do not get that impression from IBRC. It seems to be a bit more proactive. Is it pushing the MARS programme? Is there some connection with other banks when trying to push for a resolution to this? I speak about this from our point of view as legislators because the insolvency legislation has been criticised by some of the banks which feel we are helping people to get off the hook. If the banks are not proactive, we may well have to become proactive in the context of the legislation. As IBRC knows, it is much better for the banks to look at things case by case basis rather than having prescriptive legislation which may not deal with the problem in an appropriate way. What is IBRC doing to move this forward?