Cabinet approves legislation to deal with mortgage arrear crisis26/06/2012 - 19:24:37
The cabinet has approved new legislation to deal with the mortgage arrears crisis.
However it is still unclear if the new personal insolvency bill will allow banks to veto non-judicial agreements with mortgage holders.
The bill aims to provide a new set of rules to allow people who can't pay their debts to enter into arrangements with their banks to avoid repossessions.
However Taoiseach Enda Kenny said that the bill won't solve the mortgage crisis overnight:
"This is not a solution to all problems, nor is it intended to be", he said.
"But it will bring about a change of relationships between customers and banks in this matter in a way that has never been done before in Irish law"
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