Michael Noonan opposed changes to insolvency regime

Finance Minister Michael Noonan was strongly opposed to changes designed to help struggling mortgage holders just months before they were approved.

Changes to the personal insolvency legislation which removed banks’ ability to veto repayment solutions involving a person’s home were announced last May.

Less than three months earlier, however, Mr Noonan warned of the unintended consequences of adjusting existing legislation, adding that it would undo much of the progress made over the past number of years and risk having significant negative consequences for the economy as a whole.