Liam Twomey (Wexford, Fine Gael)
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I wish to follow up on the final point made by Deputy Spring. No other bank which has come before us in recent months has been writing off debt. The witnesses say at the end of the process after the house is sold and everything is closed it writes off the residual debt which is left over. Other banks are probably doing this, but none of them is stating it publicly as a policy. What is the thinking behind it? Permanent TSB is a conservative bank which exists to make money and loan appropriately. When did the bank decide that on coming to the end of the road with a person, when unfortunately the house must be taken from him or her, the loan could be written off completely? Who decided this?