Mr. Lorcan O'Connor:

The issue of stigma has influenced people over the years. One should bear in mind that there were only four bankruptcies in 2007. While the number has grown substantially since then, we are still in small numbers.

We are doing the best we can to ensure there is no stigma. The vast majority of people are there as victims of circumstance. They may have bought properties during the boom, which is not what makes them insolvent, but building on that they may have lost their jobs or come into some other difficulty. That can then make them insolvent notwithstanding that they have not necessarily done anything reckless. Those individuals availing of our services should not fear any stigma. They should hold their heads up high because the experience in other countries is that even in terms of people's future credit ratings, where they have put up their hands and said "I have a difficulty and am now going to work with my creditors to solve it", they are given credit for that into the future. They have not just walked away, but have tried to solve it. Anyone in difficulty should look at the case studies Deputy Finian McGrath referred to earlier in terms of what it has meant for the physical and mental health of individuals and families to take that step and resolve matters for once and for all.