Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The Government has taken a hands-off approach to this. The targets will be set by the Central Bank which is independent and these will be supervised by it. However, the Central Bank cannot compel a bank to prescribe a set of options. The only action the Central Bank can take in the plan announced by the Minister yesterday is to force the banks to make provisions against the losses of the impaired mortgages.

See this speech in context