Tom Barry (Cork East, Fine Gael) | Oireachtas source

All I am saying is that if one wants to put something into legislation, one must be careful. I agree that there are banks which have written down while others have not. That variablility is causing frustration. I saw one bank this week which handed out an annual statement to one of its customers with the debit and credit sides but which gave no total for a full year. The person asked me a simple question about whether he was making an impact on his debt. We had to write back to the bank to find out what was the balance at the start of the year and what it was at the end of the year. As such, some banks are not engaging properly. Non-pillar banks which are not our mainstay are hell bent on going the route of causing most trouble, which is a concern.

We cannot forget that huge work has been done here. For all its wrongs, the Personal Insolvency Act is in place. Debt relief notices, debt settlement arrangements and personal insolvency arrangements are all available and they are good things that have happened. I welcomed the Minister's openness in saying she was not excluding further measures. That is important as this is an evolving situation. We have learned a great deal since the financial meltdown occurred. It has been difficult for everybody. I doubt there is anyone in this country who has not got an iron in the fire. Everybody made some small mistake during the so-called "boom times" which he or she wishes he or she had not made. Hindsight is great sight.

I welcome the work that has been done to date and I certainly welcome the discussion on this important topic. I hope people will deal with this in a sensible, measured and constructive fashion. Scaremongering here, which politically at times we might be accused of, can cause undue distress and hardship to people. The message that should go out is that work is being done in this area to try to bring about sustainable solutions for people. I encourage people who find themselves not only in arrears but in pre-arrears to engage. If they can see that some financial impediment is coming down the tracks, they should go to the bank, which cannot read their minds, and state it early. Go in early. I have been in business for 20 years and we have had many ups and downs. One thing I have learned is that one must go in early and define the problem. One cannot expect a bank to read one's mind. A problem shared is a problem halved in some respects. I believe that firmly whatever the views of others. I will not be deviated from that point.

As we have seen, the numbers entering into sustainable arrangements have increased, which is a sign that things are starting to work. In all of these issues, the most important thing is that both parties enter into and commit to the spirit of the scheme. If they do not enter into the true spirit of arrangements that are sustainable for both parties, it will not work. I welcome the Bill and congratulate Deputy Michael McGrath on the work he has put into it. It is something about which I feel strongly and I look forward to seeing the reviews in the future and how this plays out.

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