Pearse Doherty (Donegal South West, Sinn Fein)
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I welcome the witnesses. I will start with a quote. It relates to what Mr. O'Connor said in his presentation about the intention of the agency and the Government to keep this legislation under review. Indeed, it is a commitment that was given last year when some of us believed that the banks would use the veto with the personal insolvency service. We hear that two of the largest banks in the State are going to do that, but Mr. O'Connor is still saying that he will continue to keep it under scrutiny and review. I am sure he has read the committee's transcript but I put a question to Mr. Richie Boucher of Bank of Ireland. There were questions leading up to it. It was in reference to the fact that, on average, 19% of secured debt had been written off in a PIA. Mr. O'Connor has now informed the committee that the figure has increased to 41%. I put it to Mr. Boucher, and I quote, "The personal insolvency service told us an average of 19% of secured debt is written down on average based on PIPs' proposals. The bank is saying it will torpedo every single one of these through the veto the Government gave it if it has the opportunity". Mr. Boucher said in response, "That is correct". He has told this committee that he will torpedo every proposal by a PIP who recommends a secured debt write-down. Does Mr. O'Connor not believe it is time for the ISI to wake up and understand that there is now a need for the legislation to be amended or does he believe Mr. Boucher is bluffing?