What I am presenting here is a plea, or proposing a new year resolution for bankers, fund managers, and politicians to take a new approach to mortgage arrears in Ireland.
Back in October 2012, I broke from standard Civil Service practice in calling publicly for solutions that involve a much more dramatic write-off of debt for households that were facing levels of mortgage debt that they could never pay off.
Despite some headway, almost 10 years on and too much still remains undone.
In 2012, with help from the troika of the EU, IMF, and ECB, we battled to reset the balance of power between debtors and creditors.
Against much opposition, mortgage lending was included in newly introduced personal insolvency legislation.
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