Sunday 22 January 2017

It's time for consistent rules on debt deals

Published 08/05/2015 | 02:30

Mr Noonan’s stated intention to re-examine the way debt deals are done is welcome and will be popular with the hundreds of thousands of people struggling with debt
Mr Noonan’s stated intention to re-examine the way debt deals are done is welcome and will be popular with the hundreds of thousands of people struggling with debt

What should we make of Finance Minister Michael Noonan's suggestion in the Dáil yesterday that he may allow the courts to overrule the veto enjoyed by banks on debt deals?

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It certainly makes sense to review the current system; the confusing assortment of attempts to deal with the problem of debt have clearly not worked.

In one sense, this failure is not surprising. It is a very painful business to wipe out debt. There are inevitably winners and losers and the debate can become emotional for those who lose out. Banks will have to charge customers more every time they write off a debt.

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