Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Very good. That is interesting. I am not shy when it comes to criticising the banks when they need to be called out. It is worth acknowledging, however, that AIB has led in a number of areas, including the arrangement it entered into with IMHO a number of years ago. Other banks have followed its lead. AIB was the first bank to talk about debt write-downs for borrowers, which other banks should also be considering as part of their restructuring. I hope that this proves fruitful, whether it is through Mr. Hall's organisation or another not-for-profit organisation. The core problem does not relate to Promontoria Scariff or Glenbeigh per se; rather, it relates to their motivation, which is to make as much profit as quickly as possible. They have no ties to the rest of the portfolio, the individuals or the areas in which the loans were generated. A different structure is required.

I acknowledge that there are non-performing loans in banks that must be dealt with but, as FLAC and others have indicated, the banks should be forced to do the heavy lifting. They should not be allowed to take the easy option of selling on loans and stating that it has nothing to do with them any more.