Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Ar an gcéad dul síos ba mhaith liom mo bhuíochas a ghabháil don Teachta as ucht seo a lua arís. Maidir leis na freagraí a thugamar inné, níl an plean lochtach ar chor ar bith. Beidh réiteach ar fáil don a lán clann timpeall na tíre nuair a bhéas an plean curtha i bhfeidhm.

There is no flaw in what was put out yesterday. Solutions will be offered to families. It was slow and I have expressed impatience previously about the tardiness of the banks in implementing solutions. Of course, they had ready-made solutions because we entered a situation where the law was inadequate. The Minister for Justice and Equality had to bring in an enormous and complex Bill on personal insolvency. That has been passed and the director of the personal insolvency agency has been appointed. He is scheduled to make a statement at the end of this month. He will be employing personal insolvency practitioners, affectionately known as PIPs, who will intervene between lenders and borrowers to protect the interests of the borrower when arrangements are made.

Then there are a range of solutions cascading down from interest-only arrangements right through to write-downs. We all know from clinic work that some people are just tricking around with repayment schedules, extending maturities or even splitting mortgages. There is a section of people where write-down is the only solution. However, it will have to be done on a case-by-case basis.

There are people who would like if we announced some kind of discount. That is not going to happen. There will not be any kind of across-the-board write-down for people who can pay but who are not paying. It will be on a case-by-case basis and this is the way it will be adjudicated.

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