Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-05-20-Speech-3-303-000"
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"en.20150520.28.3-303-000"2
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"Mr President, up to two years ago Ireland had one of the most draconian personal insolvency regimes in the civilised world, legislation that belonged in the era of Charles Dickens. At the time I was a Member of the Irish Parliament and, given the huge mortgage crisis that was unfolding, the government of the day, which is still the government of this day, was forced to introduce new, more modern, more fitting legislation – so they said. As with so much else that they have done, however, rather than enact the new legislation for the benefit of the people, they allowed themselves to be entirely influenced by the banking sector.
Despite clear warnings from those who were trying to assist people in mortgage distress in their dealings at the time with the banks, the government, in the legislation, gave the banks the final veto over whether or not a deal could be made, whether insolvency could be declared. It has been a disaster, so much so that now the government has been forced to move again. They will remove that veto but in the meantime, what of the damage they have done over the last two years, all the unnecessary added stress they have caused? But it is ironic that the European Union, that actually led to the financial crisis in Ireland, is now going to create rules to solve it. Well, hopefully it will, but its past history is not good."@en1
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