Phil Hogan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I set up the PRB to do things right. I have put people on the board who have expertise and credibility to make sure the job is done right. We have to set up a special purpose vehicle to draw down money from the banks, on which stakeholders are represented. I have to establish a private entity in order to bring money into the system to use for remedial work on houses.

I want to see those in the industry who are responsible for the problem sharing the responsibility of solving it on behalf of the people who, through no fault of their own, ended up with this problem. For Government accounting purposes it has to be done in a certain way. The PRB and this work will be legally underpinned in the House when we introduce legislation which, it is to be hoped, will be enacted before the summer recess. I have every confidence that Mr. O'Connor and the PRB will do a good job on behalf of the people, ensure the money is spent on the remediation process and people can resume normal life again, arising from the activities of people who have let them down.

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