Oireachtas Joint and Select Committees

Wednesday, 16 January 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Matters Relating to the Economy: Discussion with Governor of Central Bank

2:20 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

The banks have not stepped up to the plate on their own. Late last year Professor Honohan's colleague, Fiona Muldoon, was quite emphatic about this. She stated the banks were still very much in a state of denial and hooked on a position that property prices would recover, or were foreclosing at a rate not at the bank's valuation. We are now in an entirely different place. The insolvency legislation has been passed. I will return to the question I want Professor Honohan to answer. Has the Central Bank put in place monitoring structures for this on foot of the insolvency legislation? If so will Professor Honohan explain them and state whether targets have been set with regard to what he expects the banks to do in this area?

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