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

Our view is that the best way to move forward is on a case by case basis, where lenders and borrowers come to an equitable and sustainable arrangement. That is done in the first instance under the monitoring systems of the Central Bank. As I said to Deputy Michael McGrath earlier, the Central Bank will sample the restructured cases to ensure the system is operating satisfactorily. In addition, under the independent Insolvency Service of Ireland other arrangements will be made. On the one hand there is the independent Central Bank quantifying what needs to be done, setting that against a timeline and monitoring it as it proceeds. On the other hand there is an independent insolvency agency under the direction of the insolvency director which has a more formal process. In both cases, there are two independent agencies doing this work. The piece that does not match the Deputy's requirements is that they do not impose solutions. However, the imposition of the solution will follow. If the insolvency arrangement on the bilaterals does not reach agreement and the person who is insolvent moves on to bankruptcy, then the solutions are imposed under bankruptcy law. That is the sequence.

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