Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

They want to pay their debts, but they need the space and capacity to do so. We need innovative and radical solutions. Some economists have suggested a permanent interest rate reduction, which would enable the banks to get all of their capital back at a more affordable monthly rate. The question of split mortgages should have been followed through on long before now. It is unclear whether the Personal Insolvency Act 2012 will deal with many of these areas. Unfortunately, it seems that one must almost be at the most insolvent end of the spectrum before one can avail of that legislation. I hope it will bring some relief. I put it to the Taoiseach that the Government should get involved in what the Governor of the Central Bank has described as a "directive" approach to the banks on specific policies for dealing with this issue.

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