Dáil Éireann Debate, Tuesday - 15 November 2011
51 Deputy Denis Naughten asked the Minister for Finance his views on the establishment of an independent debt resolution agency as proposed by free legal advice centres; and if he will make a statement on the matter. [34024/11]
View answerThe Inter-Departmental Report on Mortgage Arrears, which was published on 12 October 2011, stated that the early introduction of new judicial and non judicial personal insolvency resolution mechanisms is necessary and that, in the absence of such changes, the mortgage arrears problem will not be resolved. The issue of personal insolvency reform, and the precise mechanism for the resolution of unsustainable personal debt, is a matter in the first instance for my colleague the Minister for Justice, Equality and Defence. In that regard, and in line with a commitment in the Programme for Government, the Personal Insolvency Bill is in the course of being developed by the Department of Justice and Equality and this will provide for a new framework for the settlement of unsustainable debt and for personal insolvency. The commitment under the EU/IMF Programme of Financial Support for Ireland is to publish the Bill in Quarter 1 of 2012 and the Minister has indicated his objective to publish the measure ahead of the EU/IMF deadline, if possible. Moreover, I understand that it is intended that the Heads of the Bill, which are expected to be finalised in the near future, will be forwarded to the Committee on Justice, Defence and Equality for its consideration.
