Response from banks
AIB:AIB said it had a project team in place to enable “management of the personal insolvency arrangements proposed under the Personal Insolvency Bill”.
It said this team was working “with key stakeholders to assess the impacts of the proposed Bill on our operating model, systems and processes”.
It added: “AIB is supportive of the objectives of the personal insolvency legislation and welcomes the emphasis on a borrower’s prior interaction with their lender under the Mortgage Arrears Resolution Process.
“Early engagement with the bank is strongly encouraged and AIB is committed to working with customers in difficulty and has a range of debt resolution options available.”
Bank of Ireland
It said it was planning for the new legislation. “As with all changes in regulation or law we are aware of the forthcoming legislation on personal insolvency and we are planning accordingly. We can’t say any more at this time.”
It said it was examining the details and impact of the new legislation.
“We welcome the first step in this process and we are currently examining the details and impacts of the new legislation. The operational elements of the legislation still have to be enacted and we cannot comment in any greater detail”.
It said it had been planning for the new legislation for some time.
“We spent a lot of time over the last eight or nine months creating a bespoke collections service to work with customers in arrears and when the legislation is passed, that unit will be responsible for applying solutions to customers including customers availing of the insolvency legislation.”