Alan Shatter and Michael Noonan at a press briefing this afternoon to announce the new rules, which are very, very Irish.
* People will be able to agree deals to write down mortgage debt as part of personal insolvency arrangements.
* However, such deals will require a majority of creditors such as banks to agree to deals on a case-by-case basis.
* These would be non-judicial settlement arrangements.
* The legislation would assist those in serious debt situations and help to ensure that, as far as possible, people would not lose their homes.
* People will either have to satisfy the courts or negotiate non-judicial arrangements between borrowers and lenders.
New Insolvency Rules To Cover Mortgages (RTE)
(Sasko Lazarov/Photocall Ireland)
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