Eoghan Murphy (Dublin South East, Fine Gael)

There is a national debt and a deficit and the State must deal with it. As individuals, we are responsible for it and will pay it off through taxes in the course of our lives, but it is not as immediately relevant as personal debt and what people face every day. The Government will deal with the national finances, but people are struggling with their finances. We know a significant amount is involved. We must introduce legislation to allow some resolution because, as Deputy John Paul Phelan stated, the current system is outdated. We know it is insufficient to deal with the problem. People need to find a way out of the prison that debt can become.

The Bill will not be palatable to many, but it is necessary. Those who were more prudent, are not as unlucky or just getting by may well have difficulty with the legislation or some of its consequences for people they know or in wider society, but we must accept the principle that individuals can make mistakes, that it is okay to fail and that everyone - no matter the cause - can have an opportunity to start again. It should also be recognised that the resolution measures contained in the Bill are not easy, but they seek to be just. Responsibility is at the core of the legislation.

I was going to continue as I have a number of questions to put to the Minister, but in the interests of fairness to Deputy Pat Breen and other speakers, I will formally submit my questions separately to the Minister whom I thank for introducing the legislation before the recess. It is important that when we talk about debt forgiveness, the issue is resolved. This is a small country. We have small social, economic and business spheres and people remember things, but in so far as credit ratings are concerned, we must provide an opportunity for someone to start again once he or she comes through these procedures.

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