Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Central Bank has stated that it has sufficient powers to manage this process effectively. I hope the Central Bank, as the regulator, will deal with this matter publicly, swiftly and effectively. It has carried out examinations through its rigid inspection regime. There will be sanctions for any breaches in the code of conduct that have been identified. The sanctions and the institutions involved will be known. The inspection examined compliance under the resolution of arrears, transparency, fair process and the process of improvement and controls. I do not speak for the Central Bank but, following on from its own statement, it has the powers and the legitimacy to manage this effectively. I hope it will now do so swiftly, effectively and publicly because these are public decisions.

When personal insolvency practitioners made arrangements that were not acceptable to the banks, that is when a bank veto applied. The Government intends to change that and legislation is being prepared to that effect.

In respect of local authorities, was the Deputy referring to borrowing or cases involving repossession? The Minister for the Environment, Community and Local Government would be interested in examples of what the Deputy said about local authorities and the repayment of loans borrowed some time ago or where they are pursuing people for the non-payment mortgage arrears. Clearly, the situation is being dealt with under the insolvency regime. This has to be amended now because of the actions of some of the banks and that legislation is being prepared to that effect.

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