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

I understand the Central Bank's three-month multi-debt framework pilot, which operated during the final quarter of 2013, has now run its course. The pilot helped to highlight factors which assist, as well as issues which prevent, borrowers with multiple debts from finding mutually acceptable informal solutions with their lenders. Any further initiatives arising from the pilot framework findings are a matter for the Central Bank. The Central Bank facilitated the scheme in co-operation with the lenders and the operator, StepChange. Most lenders, including some credit unions, participated in the sample cases. The pilot scheme has demonstrated to lenders the variety of solutions which can be applied to debtors in distressed debt situations. Of course statutory insolvency frameworks which deal with secured and unsecured debt are in place and available to any insolvent debtor to propose an arrangement for his or her creditors to restore him or her to solvency.

The information which the Central Bank gleaned was of benefit. Like Deputy McGrath I would like to see more progress being made under the Personal Insolvency Act because it was major legislation processed through the House over a lengthy period of time.

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