Aideen Hayden (Labour) | Oireachtas source

The ISI acknowledges that uptake of the process has been slow since it opened its doors to applications in September. I am pleased to see the ISI acknowledges in the report that it will take more steps to publicise the options available to distressed debtors. It is important to recognise that there is particular disappointment about the PIA. This is particularly true given that we have over 100,000 households in significant mortgage debt. This is being watched closely. I accept the witnesses' point that these are early days. What types of legal change may be necessary in order to make the service as successful as it could be? The ISI places emphasis on the liberalisation of bankruptcy laws in bringing financial institutions to the table. It mentions that the more liberal bankruptcy laws are breaking the stalemate between stakeholders, which has lasted six years in some cases.

I note the comments by the Chairman that Irish people are reluctant to go towards bankruptcy. Have we gone far enough in liberalising bankruptcy laws? How do the witnesses feel about reducing the term of bankruptcy from three years to one year? Do we need to take more steps to make bankruptcy more attractive? One year is the term in another jurisdiction very close to here.