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

While the initial take-up of insolvency solutions has been low, it should be noted that the number of cases in the system has increased to over 850. These cases will be worked through in the coming weeks and months. The fact that the Insolvency Service of Ireland is now in place has acted as a catalyst in encouraging debtors and creditors to reach bilateral deals to address insolvencies. In the absence of bilateral agreements, the new statutory framework mechanism will require all relevant creditors to engage with and respond to insolvency arrangements proposed by debtors. One of the features of the relationship between the Department of Finance and the banks in which we hold shares is that we do not interfere in commercial decisions. As the banks operate in accordance with law, they are entitled to do what they do. I will not interfere with their commercial decisions. There is some tweaking required in the legislation. The regulatory regime has already been changed somewhat in respect of fees, etc. and a review is being conducted. As the Deputy knows, the legislation was principally driven by the Department of Justice and Equality and the Minister for Justice and Equality will introduce proposals in this regard.

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