Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I have met a number of people who have gone to Permanent TSB branches and have not been made aware of the impact the Personal Insolvency Act will have on them to renegotiate a loan that is too burdensome on their families. Why is the bank not providing that level of information?

The level of knowledge the customer has is quite limited. This is not owing to a lack of intelligence but because the bank is not providing them with enough detail in regard to the options open to them and the benefits of these options. Ultimately, the upper hand will be returned to the customer following implementation of the personal insolvency legislation. While the biggest nightmare for the banks will be if people start handing over their keys and putting the onus on them to put an affordable and sustainable proposal to them, none of the people who have visited me at my office has been provided by PTSB with any detailed information. Why is that the case?