Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Another issue I wish to raise with regard to the sector is the Central Bank's initiative to deal with multiple debt scenarios. The credit union representatives have withdrawn from the Central Bank initiative because of what they regard as an imbalance in the treatment of secured and unsecured lenders. In their view it vests inappropriate control in the banks and lacks fairness and transparency. In light of the very slow start, to say the least, the Insolvency Service of Ireland has made on secured and unsecured debt, does the Minister agree this issue needs to be resolved because ultimately it is in everybody's interests if agreements can be reached without recourse to the statutory insolvency procedures? It is regrettable the credit union representatives have felt the need to withdraw from the Central Bank's initiative.

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