Mr. David Hall:

The insolvency legislation has changed and there is a structural deficit within the insolvency system and service. A number of PIPs are exceptionally competent and in many cases the arrangements are well thought out and well executed and provide good protection for customers in arrears.

I agree with Mr. Joyce on the constitutionality question. If Deputies and Senators were engaging with customers in mortgage difficulties who are genuinely under immense pressure on a regular basis, they would know that the time comes when one has to make a call. Historically, we have chosen banks and credit institutions but there is a dramatic imbalance against consumers. There needs to be a rebalancing here. Let them take the damn challenge if they want. All of the main banks have challenged various aspects of the insolvency legislation and have tried to object to it. That is their way of operating and vulture funds have done the same. Lovely, cuddly banks and vulture funds complying with the insolvency legislation is not always the true picture.

The Deputy asked a question with regard to AIB, which was before the committee recently. We are engaging with AIB and, as Mr. O'Keeffe and Mr. Hunt mentioned, there is an element of confidentiality involved for a host of reasons. Having been involved in this work since 2010, all of us in this room have wanted to see an alternative restructuring component to vulture funds. We have been informed, in the context of Deputy Pearse Doherty's Bill and other legislation, that certain things are not possible. In recent months, the engagement we have had with AIB gives me the clear understanding that this is absolutely possible. I expect to be making a bid in six to eight weeks. I hope that I am right in saying that what we all believe to be an alternative to what is happening at the moment - which is despicable - is possible. Hopefully, we will be back to discuss this with the committee, with or without AIB, at a future date. It is not easy. It is very adventurous and has required a significant leap of faith from AIB and its board, which has fully endorsed the programme. This morning, I am exceptionally positive.