Enda Kenny (Mayo, Fine Gael) | Oireachtas source

What is happening today is part of the strategy and process of restructuring and recapitalising banks and providing alternatives for people through the personal insolvency agency which will open its doors shortly. In order to rectify matters, we are seeking to make available a variety of ways by which banks can work out more appropriate, convenient and suitable arrangements for those clients whose mortgages have, for whatever reason, gone into arrears or become distressed. Everyone wants the economy to move on. This is a problem and in the past two years the Government has put in place structures to rectify it. These structures will be detailed later today by the Minister for Finance when he speaks on this matter.

See this speech in context