Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Mr. O'Connor said he was confident the insolvency legislation would lead to the solutions needed. I believe the reduction in arrears is welcome, but this is not the problem. In fact, it is a symptom of the problem. It is over-indebtedness among households that is the problem. I am concerned that some of the banks will minimise the restructuring in personal insolvency arrangements so that by the end of the period, the borrower might be slightly better off. It may be more forbearance and not the kind of restructuring where no more than one third of net income goes on debt, as is international practice.