In recent days we are being told that the Central Bank is currently facilitating a series of meetings involving the main banks and the Credit unions, in an effort to draw up some guidelines and "house rules" on how to deal with mortgage arrears and also how to deal with secured debt Vs unsecured debt in cases where there are multiple creditors involved. This is all being done in advance of the Personal Insolvency Act, being launched shortly. If agreement is reached between the institutions, it seems that all the banks will enter the new framework singing from the same song sheet (at least that appears to be the general idea)
It seems that the Personal Insolvency Act is being used as the big stick to terrorise the financial institutions into accelerating efforts in dealing with their individual distressed loan books. The PIA is being heralded as a costly inefficient process that should be avoided at all costs.
I wonder what Tom Murray and all his followers at the ACCA will think of this. They have been licking their lips at the thought of lucrative revenues form the new act for some time. In recent days they have been proposing
ways to keep all the work in the immediate family and have openly requested the minister to confine the work to those with the requisite experience and qualifications. The reality is that there is hardly anyone with the necessary skills and qualifications in this country to do the work and I can see very little evidence to support a view that a practicing ACCA accountant will be more qualified or experienced to do the work than say a Quantity Surveyor, a Bank Manager or an Architect. Some commentators in the UK have said recently that the best profile of person for this job is someone with good communication skills,high levels of emotional intelligence, effective negotiation skills and one who has well rounded knowledge in banking, finance and law. Expert accounting knowledge is not seen as a prime requirement in most cases arising. I dont think the ACCA does itself much credit with this particular theme. I know some Accountants who would be a good fit for this job. I also know some who would be a complete disaster. Equally there will be some Solicitors who will be suitable and others who wont. Some QFAs will be suitable and some wont. It's the personal qualities, background, experience and skillset of each individual that will qualify them or not. The legislation deals with this correctly.
It seems that the Personal Insolvency Act is being used as the big stick to terrorise the financial institutions into accelerating efforts in dealing with their individual distressed loan books. The PIA is being heralded as a costly inefficient process that should be avoided at all costs.
I wonder what Tom Murray and all his followers at the ACCA will think of this. They have been licking their lips at the thought of lucrative revenues form the new act for some time. In recent days they have been proposing
ways to keep all the work in the immediate family and have openly requested the minister to confine the work to those with the requisite experience and qualifications. The reality is that there is hardly anyone with the necessary skills and qualifications in this country to do the work and I can see very little evidence to support a view that a practicing ACCA accountant will be more qualified or experienced to do the work than say a Quantity Surveyor, a Bank Manager or an Architect. Some commentators in the UK have said recently that the best profile of person for this job is someone with good communication skills,high levels of emotional intelligence, effective negotiation skills and one who has well rounded knowledge in banking, finance and law. Expert accounting knowledge is not seen as a prime requirement in most cases arising. I dont think the ACCA does itself much credit with this particular theme. I know some Accountants who would be a good fit for this job. I also know some who would be a complete disaster. Equally there will be some Solicitors who will be suitable and others who wont. Some QFAs will be suitable and some wont. It's the personal qualities, background, experience and skillset of each individual that will qualify them or not. The legislation deals with this correctly.