Ireland’s banking crisis now ranks as one of the most expensive banking crises in an advanced economy since the 1970s.  The effects of the systematic banking crisis and significant economic adjustment are ubiquitous, with struggling homeowners in mortgage arrears at the apex of the current crisis.  

The scale of the mortgage arrears problem is immense.The banks themselves have done little so far to address this problem, which with their recapitalisation by the State, they have the means to resolve.   The Government has introduced the Personal Insolvency legislation but the banks need to accept that in some cases borrowers with unsustainable debt cannot repay, and therefore the debt should be written off.The crisis must not happen again and as such we need to toughen our laws on white-collar crime and punish those individuals responsible for financial failures.  The introduction of a truly effective enforcement system is the only way to deter a future crisis.