Oireachtas Joint and Select Committees

Wednesday, 30 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland

11:40 am

Mr. Lorcan O'Connor:

I agree, but we must start somewhere. Doubling every three weeks means it will not take long before we reach a reasonable number. It is important to show that the new cases are, in the majority, PIAs. There are 12 cases before the court for new protective certificates and the majority are PIAs. There is traction and it is pointing to the fact that by the autumn there will be a significant number of successful PIAs in place. Every successful arrangement returns the person to solvency, so each of the arrangements is of huge value.