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

I cannot give assurances on how an individual creditor is going to respond, but, clearly, banks have an interest in recouping moneys due to them. They are very aware of the fact that there is a substantial number in financial difficulty. We know debt forbearance arrangements have been utilised, reportedly, by in the region of 80,000 residential home mortgagees. Clearly, banks have been reacting and putting in place arrangements, many of which are of a temporary as opposed to a permanent nature. Some of the temporary arrangements put in place have facilitated individuals in working through what are immediate financial difficulties and there are a number of individuals for whom these arrangements were put in place and who are now back on an even financial keel. Banks, financial institutions and all creditors have an interest in trying to recoup moneys due to them. In the context of an individual who says he or she is in financial difficulty, any creditor would want confirmation of this by receiving full information. This is providing a structure to facilitate a structured arrangement where the debts in the context of a debt relief notice amount to no more than ¤20,000 or, if they are at a higher level, under the debt settlement or personal insolvency arrangement.