Stephen Donnelly (Wicklow, Independent)
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To ask the Minister for Finance if he will consider legislation to compel all banks to disclose their guidelines for what they will leave borrowers with when restructuring unsustainable debts; and if he will make a statement on the matter. [52185/12]

Michael Noonan (Limerick City, Fine Gael)
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It is a matter for the borrower and lender, in the contract agreement for credit or in any subsequent agreement to change or revise that contract, to agree the terms of that arrangement including, as appropriate, the repayment provisions of the loan having regard, inter alia, to the circumstances of the borrower. Any guidelines that a lender may develop to assist it in making commercial decisions in this area is a commercial matter for the individual lender and I do not propose to specifically legislate in this area.

However, as the Deputy is aware, significant reforms are being proposed to personal insolvency law in Ireland and that a Personal Insolvency Bill, which was published last June by the Minister for Justice, Equality and Defence, is now at an advanced stage in the parliamentary process. This Bill, which provides for new more effective insolvency frameworks to enable debtors and their creditors, in either a Debt Settlement Arrangement or Personal Insolvency Arrangement, to agree a sustainable arrangement. The Bill proposes that any such arrangement shall allow for the reasonable living expenses of the debtor and his or her dependants and it also provides that the Insolvency Service may, inter alia, publish guidelines on this matter.