Government lets 'teens' call all the shots
We need to create a personal insolvency regime that gives people a fair deal and allows them to get back on their feet, writes Niall Collins
The mountain of debt facing homeowners across the country is a deeply personal crisis for those families who are struggling to keep things together in tough times and a national crisis that is dragging the economy down.
But instead of a Bill that gives pressured homeowners a fair chance to come to terms with their bank, the Government has given the "teenagers" -- as Central Bank Director Fiona Muldoon called them last week -- all the cards. With no independent arbitrator or appeals mechanism, the Government has created a bankers' veto on progress in tackling debt. Crocodile tears by the Banking Federation over the Bill masks the fact that the Government has not loosened their grip on homeowners.