Niall Collins (Limerick, Fianna Fail) | Oireachtas source

I wish to speak to the group of amendments because I may not get a chance to move mine if the others fall. I am sure the Minister will appreciate that this is the elephant in the room concerning this legislation. It is the item which has been most commented upon by outside observers who are following this debate. If one looks at the figure of 65% in terms of total debt, a majority is 51% so if a majority of creditors agree to an arrangement that should be 50% or 51% rather than 65%. When one works that down the line in terms of the secure debt, which is the bank as the mortgage provider, allowing them a disproportionate figure such as 50% does not seem to make sense.

The Minister says the process will be monitored and that we will have to suck it and see once the legislation is enacted, and keep everything under review. However, this part is the main bone of contention in the Bill, so how will this aspect be monitored, given that the bank is the main creditor? At a meeting of 20 creditors, 19 of them may be spectators because the bank representative has the entire say, so how will we monitor that? Will there be sufficient feedback to prove that the Minister is right and we are wrong, or vice versa?

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