Those New Insolvency Rules

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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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