Averil Power (Fianna Fail) | Oireachtas source

I accept the point, as the Minister stated at the outset, about the need to inform creditors that someone has been obliged to seek an insolvency arrangement. As the Minister indicated, people who are owed money by that person of course need to know what is the position and must be put on notice regarding the protective order to prevent them from being able to move against the borrower. However, I still do not understand the logic essentially for naming and shaming people by having a public register into which anyone can dip and find out whether neighbours, colleagues or associates have been obliged to avail of insolvency arrangements. It appears to be adding additional stress and worry onto people who are in financial distress.

This issue has been raised with Fianna Fáil Members by groups who represent mortgage owners, including the Irish Mortgage Holders Organisation established by David Hall, who has been working on this issue for years. He told us his genuine view was that people would be put off availing of the insolvency arrangement by it and that would be a shame. I still do not get the necessary public interest that dictates it would be so. I absolutely understand the reason creditors must be put on notice but even on foot of the Minister's response, I am not clear as to the reason the public necessarily has a need or an interest in knowing who has availed of the insolvency arrangements.