Ivana Bacik (Independent) | Oireachtas source

I want to make a brief comment on amendments Nos. 91 and 93 which are being pursued by Senator Trevor Ó Clochartaigh. It is interesting that after the Joint Committee on Justice, Defence and Equality held hearings on this matter, it expressed the view that the ¤3 million threshold for a personal insolvency arrangement was too low and recommended that it be raised to ¤10 million. As I said on Second Stage, I was somewhat chastened to read a critical commentary on our report in a newspaper which suggested a threshold of ¤10 million would be far too high, as it would, in effect, reward moral hazard and irresponsible speculation. The article in question suggested a threshold of ¤3 million was too high and that it should be closer to the threshold to be applied to people in debt in respect of a family home and perhaps other forms of debt. Given that I raised this issue on Second Stage, I wonder whether the Minister has any comment to make on it. Notwithstanding the recommendation made in the joint committee's report, it seems ¤3 million is the highest the threshold should be.