Enda Kenny (Mayo, Fine Gael)

To answer the Deputy's first question on the Personal Insolvency Bill, I met with a number of representatives of Money Advice and Budgeting Service organisations around the country, which have been dealing with debt and distress arising from credit cards, car loans and other financial issues, as distinct from mortgages. If people wish to go down the road of personal insolvency under the legislation, a personal financial statement must be prepared. Under the legislation, they have access to skilled accountancy expertise for two hours, which is paid for by the banks. At that stage, they are required to put up all the information about their indebtedness. The point made by MABS was that it would prefer a more comprehensive response. If someone is going down the road of personal insolvency resolution, all indebtedness must come to light, including the expertise that the MABS personnel had been dealing with, together with the expertise available from accountants, which will come from a panel of accountants.

As far as the ECB is concerned, the matter was discussed at the eurogroup meeting. There were differences of opinion and the matter has not been finalised. Ireland has paid off most of the bondholders for the past number of years. The requirement is for Ireland to get the best deal it can on the outcome of European Council meeting, where the eurogroup was charged with putting flesh on the decision. That is part of the reason the Minister for Finance is in Frankfurt speaking to Mr. Draghi. This country has paid off the bondholders but, in the case of Spain, I understand it is talking about banks that would become defunct. The impending crisis meant the Spanish Government of the day encouraged people to save and some of those savers may get caught in that situation if it was to apply in Spain. Irrespective of the decision on Spain, we want the best possible deal for our restructuring of debt. The fact the European Council meeting made a specific point about equality of treatment is important. At the eurogroup meeting, that was followed by similar requirements in respect of Ireland. The matter has not been concluded. Members are aware of the statement of Commissioner Rehn that he would like to see this concluded for Ireland by October. The approach has been endorsed by Commissioner Barnier, the IMF and Europe, which has been far more supportive of the challenge faced by the Irish people in regard to safeguarding Europe and meeting the challenge. Now is the time for analysis and negotiation so we can have the best deal possible secured for our people arising from these negotiations, which will take place between now and October.

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