Shatter will ‘swiftly intervene’ if it’s not working

Justice Minister Alan Shatter said he would “swiftly intervene” and change the laws if the new personal insolvency service was not working properly.

Under the process, which will be in operation by the end of June, banks will not be compelled to enter into mediated arrangements with distressed mortgage holders. And they will have a final veto on any agreement with borrowers.

However, Mr Shatter said that in the preparation of the rules he had meetings with the banks and was given assurances they would engage with the process.