Jim O'Callaghan (Dublin Bay South, Fianna Fail)

Gabhaim buíochas leis na Seanadóirí agus aontaím leo. I thank all the Senators who have contributed.

I note what Senators Kelleher and Gallagher had to say in respect of the issue of insolvency. I agree it is really important that we have harmonisation across the EU when it comes to insolvency proceedings. If we are going to be able to do business with other countries within the EU without any barriers, it is very important we are able to have the same rules in order that we can apply insolvency laws in those same jurisdictions.

I note what Senator Nicole Ryan said in respect of mortgage debts. The courts in Ireland, fortunately, are still very slow to order repossessions of properties. If the Senator compares Ireland with other countries, she will see we are extremely low within the European Union. Notwithstanding that, I fully recognise that insolvency, on a personal basis, is something that is extremely challenging for individuals.

I thank Senator Cathal Byrne for talking about access to credit. That is outside my responsibility, but it is an important point in that, given the free movement of capital and services are supposed to be fundamental principles of the European Union, it seems strange that citizens in one EU country cannot apply to avail of credit or mortgage services from another EU country.

I thank Senator Dee Ryan for her contribution. Insolvency is a fact of life when it comes to business. Sometimes we are too critical or condemnatory of people whose businesses become insolvent. We need to recognise that the reason we have insolvency laws is so that we allow people to get through that period where their company or business has, or they themselves personally have, become insolvent. However, we cannot have a situation where that hangs over somebody for the rest of their life. We need to create mechanisms to allow that to be dealt with appropriately and to allow individuals to move forward with their lives.