“The details of all non-performing loans acquired by NAMA will be available for scrutiny on a Public Register, including the names of the creditors, the price paid by the taxpayer for the loans and the actions taken by NAMA to recover the loans. Persons that have defaulted on loans acquired by NAMA will be banned from ever purchasing any asset from NAMA” Fine Gael manifesto in General Election 2011
The Personal Insolvency Act 2012 was signed by President Higgins on 26th December 2012, and all we are now awaiting is the soporific justice minister to decide an Establishment Day and sign the commencement orders. But it looks as if it will be just a few short months before heavily indebted people will have new and more humane solutions to their plight.
Already on here, the contrast in treatment of NAMA developers who skip over to the UK for a one-year bankruptcy with bankruptcy under the new Irish regime, has been reported.
Now, we are going to have the spectacle of the name-and-shame mentality being deployed against those seeking personal insolvency orders under the new Act. Contrast that with the commitment in the Fine Gael manifesto to the “Public Register” of NAMA developers which would show the billions that the people of this country are shouldering as a result of the decision of the Government to bail out the banks and create NAMA. That commitment has been abandoned with the Government muttering something about data protection and rights to confidentiality.