Feargal Quinn (Independent) | Oireachtas source

The Minister of State is very welcome to the House and I am glad to have him here again. I always get concerned when I hear about an item of legislation that we want to rush through and particularly rush through in such a short period of time. I get embarrassed when I hear that but I also get frustrated when I see something taking a long time to get done. I was delighted to hear the Minister of State say "let us get this done and let us get it though because it is urgent".

The Minister of State mentioned that the Taoiseach met the insolvency service in February or March of this year and talked about the need for the banks to co-operate more effectively with the personal insolvency regime. It appears that the banks have not been responding or reacting on that basis. We introduced the Central Bank (Emergency Powers) (Variable Interest Rates) Bill.The Bill was adjourned on Second Stage but the intention was to try to get the banks to move on variable interest rates. The figures provided by the Minister are startling. A total of 38,000 people remain in long-term arrears. While good work is being done by MABS, it is a big challenge for it to be able to achieve anything. I am delighted with what the Minister has done.

There was a time when the personal touch of the bank manager was a factor. He or she knew the individuals and then the computers took over and the personal contact was no longer as important. There are so many good stories of the past and so many bad stories of the present in the banking area.

I wish to refer to the situation with sole creditors. There is no need for a formal meeting of creditors to be convened. Perhaps that is only the case when there is one creditor, but there could be dangers in that regard and I am not enthusiastic about the changes in any respect.

The Minister has explained the situation very well. She has explained what is happening and what she intends to do. Much work has been done by the Minister’s team and her officials. There is an urgent need for something to be done and this is a step forward. I wish the Minister well.