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

At the end of the day, the Government allows the banks to call all the shots. It is allowing the banks to dress up threatening legal letters as so-called "solutions" under the mortgage arrears targets programme. The banks are sending threatening legal letters in order to claim they have fulfilled their responsibility to offer a sustainable solution. The Government is allowing the banks to use a veto. When Bank of Ireland and Ulster Bank came before the Joint Committee on Finance, Public Expenditure and Reform - a number of Deputies in the Chamber tonight were present for those hearings - they publicly said they would veto any proposal put before the insolvency service that involved a write-down of mortgage debt. That is not acceptable. If the Minister had any sense, he would at least allow this Bill to pass Second Stage and thereby let the threat of its enactment, and the consequent dilution of their power, hang over the banks if they do not cop on and stop thwarting the work of the insolvency service

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