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

The reason I am pinning down the witnesses on this point is that the impression we got from some of the banks that have come before us is that the bankruptcy route seems to be the least painful one which is a little ironic with regard to the approach they are taking. I imagine the question people considering bankruptcy would ask themselves is where their property or home would lie at the other side of that process. If they have a yacht in Kinsale, that would go or if they have a business and other additional assets and securities they may go as well. The primary objective of this committee's work with regard to the banks is to ensure that where people meet their obligations to the best of their ability that they will get to remain in their home - there is the certainty that is required out of this process. If somebody comes into Mr. Lehane's office tomorrow morning and says "I am going bankrupt and my wife or partner holds a proportion of my home", for what period will Mr. Lehane's organisation retain ownership of that property?