Sean Barrett (Independent) | Oireachtas source

I, too, welcome the legislation. The Minister has summarised it very well that there is an alternative view of bankruptcy as a protection or remedy rather than a punishment. We had many late-night discussions on the issue of insolvency with the Minister for Justice and Equality and it was interesting to see how the matter had evolved. We must question what caused the bankruptcy. Was there reckless lending by financial institutions? Why should the odium and criminality be borne only by the person who accepted a loan which might have been irresponsible? We need legislation for the regulation of banking regarding loan-to-value and loan-to-income ratios. Reckless lending rather than reckless borrowing may have caused people to go bankrupt. We have developed subtlety and nuance in how we respond, for example, having attachment orders, conciliation, negotiation and community service as options. These are welcome developments as part of a reform agenda and the Bill deserves the support of the House. It is a modernising and forward-looking measure.

With such a heavy debt-to-GNP ratio, having some people in public life who have personally experienced the problem could assist the Cabinet and Ministers to explain from personal experience what it is like. It is the personal expression of what has happened to the country. We have all had to live in grim negotiations with the people who loaned us the money. The country and public representatives will be in harmony in dealing with the problems of debt with a certain fellow feeling. Perhaps they might resolve to have better lending institutions and better recognition by the country and citizens that those seeking to lend money are not always out to do one the best of favours, as the advertising people maintain, and that old-fashioned thrift might have much to recommend it. I compliment the Minister on the legislation which we will support from these benches.