Caít Keane (Fine Gael) | Oireachtas source

Like other speakers, I wish everybody in the Seanad and those in the Oireachtas Library a very happy Christmas. When I was listening to the radio on my way here this morning, I heard the Minister for Justice and Equality, Deputy Alan Shatter, being interviewed on "Today with Pat Kenny". I concur with Senator Aideen Hayden who complimented the Minister on the personal insolvency legislation and noted what it would do for everybody who found himself or herself insolvent as a mortgage holder or a business person. The Bill will be a great asset and I compliment the Minister on bringing it through the Houses.

The issue I wish to raise was raised also by Senator Catherine Noone, namely, the comments of Mr. MacSharry who attended the finance committee yesterday. The Minister stated he was amazed and shocked by Mr. MacSharry's contribution to the effect that the banks would engage - whatever that may mean - and negotiate but in the spirit of the Bill as written, rather than by acting to write down mortgages. Public interest directors are on the boards of banks to represent the public interest. What are their duties? Where are they written down? They should be taken in and schooled if they do not know them. Obviously, Mr. MacSharry does not know what the public interest means and is working in the interests of the bank.