Arthur Spring (Kerry North-West Limerick, Labour)
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I am of the opinion that the biggest threat to people is that the banks do not need to have any more bad debts. They would prefer to have a contingent liability than a bad debt. People who take out a mortgage have some level of knowledge but ultimately they trust in the provider. Likewise, in this situation they will trust the personal insolvency practitioner. A level of discretion will be applied because one will enter into an agreement not to talk publicly so each individual will have to school himself or herself. It is the responsibility of the State to tell people that the ultimate weapon they have is the court, whether to go in there to fight their cases or tell the banks they need to be very aware of the bankruptcy route so they are not left with just the three cases we have pointed out here. They need to know they can go bankrupt and it will take three years to come out of that and the banks will end up in the precarious position of-----