Stephen Donnelly (Wicklow, Independent) | Oireachtas source

The previous time Ulster Bank representatives appeared before us, they told us it was the bank's policy that there would be no write-down of debt. I very much welcome Monday's statement that, in particular situations, the residual debt after a voluntary sale would be written off. On the last occasion we spoke, Mr. Brown said where Ulster Bank had a controlling vote on a proposed personal insolvency arrangement, PIA, if the arrangement included the write-down of debt on the part of Ulster Bank, the bank's policy was to vote against the PIA. Now that the very welcome precedent has been set in limited circumstances, would Mr. Brown envisage Ulster Bank, where it has a controlling vote, being open to PIAs that may include some write-down of debt as part of a reasonable solution?