Stephen Donnelly (Wicklow, Independent) | Oireachtas source

On that point, I echo the Chairman's statement regarding residual debt. If people refuse to engage with a bank I have no problem with legal proceedings being initiated against them. If the bank has made every reasonable effort and the people refuse to engage, so be it. Sadly, there are many families which are engaging but because of unemployment, pay cuts, etc., these people no longer have the money to service the mortgage. Maybe the split does not work and maybe inevitably no remedial action can be taken.

I was very disappointed to hear that there is no policy in place for the residual debt. I think Mr. Masding's phrase was the bank does not "chase all the debt all the time". That is no use to a family trying to resuscitate its finances. If the customer wants to get another mortgage the first thing a new lender will say is the customer still owes permanent tsb €60,000 and although the bank did not ask for it, the money is still owed and presumably interest is still tipping away. If someone wants to set up a new business the debt is the first thing that will be seen.

I would like when permanent tsb returns to the committee in three months time, or whenever, to hear a policy has been put in place, that it has been dealt with and closed off. I am not suggesting that all residual debt in all cases has to be completely written off but that finality must be given so that people can get on with their lives. Might we see that when permanent tsb appears before the committee again?