Bankers have chosen their words carefully since the financial crash, which probably explains the fuss in 2012 when John Reynolds gave a blunt assessment of plans to loosen up the rules on personal insolvency.
At the time, bankruptcy tourism was endemic among overindebted members of the business and professional elites. After a brief sojourn in the UK, where bankruptcy is discharged after a year, they could return to Ireland for a fresh start, free of debt.
As president of the Irish Banking Federation, Reynolds was worried that replicating the UKs liberal regime in Ireland would give an easy way out to those further down the debt chain.
There needs to be a recognition that being made bankrupt is a bad thing, he said. That these
Read the full article at: http://www.thetimes.co.uk/edition/ireland/bank-wars-the-third-force-awakens-fshkg8hcc
