Occasional holiday or Sky Sports to be allowed as long as people comply with deals

People availing of Ireland’s personal insolvency procedure will not have to worry about enjoying the odd treat or holiday so long as they comply with their banking agreement.

However, banks and other major creditors will operate a “trigger-figure” system which will engage if those in financial distress go over their spending.

It will mean that those who persistently exceed agreed spending will be subject to individual scrutiny by the banks and pressurised to reduce it.