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 seems to be the general idea)
If landlords were having such a meeting about Rents there would be people and representatives of Quangos on every Radio station saying that this type of behaviour was in breach of Competition rules.
It seems to me that there is so little progress, with regards to the Insolvency Legislation that very little will happen during 2013 - just one example of the lack of progress, is the failure to yet even identify who should be a personal insolvency practioneer (not alone establish a register, approval system etc).
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Some politician on the radio this week mentioned it would be up and running by 'early' summer. Not a hope.
As for the legislation being a stick to the banks, as far as I'm concerned the bankers wrote it and have nothing to fear from it.
Banks have something to fear from Bankruptcy because they could end up getting nothing on monies owed to them.
Banks have something to fear from Bankruptcy because they could end up getting nothing on monies owed to them.
I called it right in March. The bankers wrote it. Noonen should be thoroughly ashamed of himself. And MrEarl got it right too.
My interpretation of "revisited" means that the section dealing with the veto will be revisited. So, while its true that the banks will have a right of veto in many cases, they will need to thread carefully in their use of the veto. If it becomes apparent that the veto is an obstacle to getting the overall problem solved, then the veto will need to be re-thought and presumably removed or weakened.
So the Government is putting it up to the banks to come up with a set of guidelines
for engaging with distressed borrowers now BEFORE the matter reverts to the PIA for a solution.
I seriously do not see how this piece of legislation, provides a stick to beat the Irish Banks. At best, I see it as a threat, which may be later delivered upon
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