Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The banks have been given no veto. Committee Stage of the Personal Insolvency Bill was completed in September. As Deputy Martin is aware, the personal insolvency arrangements constitute a mechanism to arrive at a resolution in every case - in appropriate circumstances, debt forgiveness or write-down. If the banks do not sit down with their clients, the client will be by law be given the opportunity to go through the insolvency arrangements which, as we know, is complex legislation but which will be in operation from 1 March 2013. Everybody knows the pressure people are under. Quite a number of mortgages have been restructured or rearranged but not enough is being done. This is why the Central Bank required the banks to submit to it what they proposed to do on a timeline basis by September. So they had better do so because the insolvency legislation is moving through the Dáil and be operative from 1 March.

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