Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I would like to reply briefly to both Senators, starting with Senator Hayden. There are detailed provisions on PIPs that we are putting into Part 5 of the Bill. We can discuss those provisions when we get to them to ensure that we do have a proper regulatory structure. We promised that we would provide for those provisions.

Senator Daly raised the issue of contacts with financial institutions. The Government has had substantial contact with financial institutions dealing with debt to discuss their approach to debt issues, including the enormous difficulties impacting on those in mortgage arrears. In that context, over 80,000 people are currently benefiting from debt forbearance arrangements that the financial institutions have entered into. Despite the enormous fiscal and economic cataclysm that has hit the country, including the collapse in property values since the Celtic tiger and - taking heed of Senator Crown's comment earlier - the encouragement given by financial institutions and previous Governments to people to purchase properties at exorbitant prices, there has been a surprisingly small number of cases of repossession of homes.

We are anxious to ensure that the architecture provided in this legislation is properly worked by the financial institutions. As I mentioned on Second Stage, there is express provision in the personal insolvency arrangement to try to protect people living in reasonable family homes to ensure that if they are insolvent, arrangements can be agreed and mechanisms entered into that create the possibility for them to retain their homes. All these issues have been the subject of conversation with the financial institutions to ensure that they properly prepare themselves for the workings of this legislation. It is very important that they either retrain existing staff or acquire staff who have the skills to engage in the sort of processes that the legislation envisages in the context of the debt settlement resolution provisions. That is essentially what has been going on. I want to thank Senators for supporting this proposal, which is a prelude to the new Part 5 to be inserted in the Bill.