Aideen Hayden (Labour) | Oireachtas source

I support the comments made by Senator Feargal Quinn on the Insolvency Service of Ireland and ask the Leader to arrange a debate in early course when we return after the summer break. The Insolvency Service of Ireland will have been in operation and accepting applications for one year in September and a review is urgently called for. There is no doubt that the numbers achieving positive outcomes from the service are incredibly disappointing, with an average debt write-off figure in the cases resolved of a mere 17%. It is disturbing to note that the report of the Joint Committee on Finance, Public Expenditure and Reform notes the public refusal of lending institutions to engage with the Insolvency Service of Ireland on a debt write-down for any customer. This makes a mockery of the service and what the country is trying to do in legislation to alleviate the distress of those in severe debt. If legislation is not working and we must introduce amendments to make it mandatory for financial institutions to engage with the Insolvency Service of Ireland in a real and meaningful way, that is what we must do. On a number of occasions the financial institutions have stated the service is not dealing with more cases because they are coming to the table and offering real and sustainable solutions to borrowers. In some instances, that may be true, but in others it is far from it. A period of 12 months is long enough in the current crisis; we, therefore, need an urgent review.