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Debt forgiveness

• There has been little comment from politicians or journalists on the significance of the €3m threshold for debt forgiveness in the Personal Insolvency Bill. When the average mortgage is about €350,000, how can a figure of €3m be justified? We can only conclude that the intention is to facilitate debt forgiveness not just for the average homeowner but for speculators who acquired buy-to-let properties.

Since the public now own the banks, any debts forgiven will fall back on taxpayers. While it is one thing to give a digout to the average householder trying to keep a roof over his head, it is another to extend our largesse to high flyers.

I'm amazed the left-wing party in government can stand over this €3m threshold, and that there hasn't been a squeak from those on the opposition benches who claim to be left-wing.

Government and opposition alike engage in populist swipes against the banks, but we are now the banks and there are no guardian Angelas waiting to come to our rescue.

John Glennon
Hollywood, Co Wicklow

Irish Independent