The arrival of 2013 has brought some welcome good news if not seismic (unless the news is being described by our Enda Kenny!). The increase in customer spending over the Christmas period, the reported slowing down of the property crash and today the announcement by PTSB that it is to dip its toe back into the lending market in 2013.
However, the biggest thing to happen which will make the single largest contribution to the recovery of the Irish economy and restoration of the dignity of the Irish people is the passing of the Personal Insolvency Act 2012. If the banks participate in the insolvency process as it is intended and promised by the minister of justice, it will bring dramatic relief for ordinary people stuck in a household debt trap. It will give those ordinary people the opportunity to ditch most of the excess debt while securing theirs family home and their dignity. The physiological effect of this alone will boost the ability of people to think of other things rather then their debt burden. It will free them to begin to live again knowing that they have down the best they can regarding their debts and now they can move on.
If anything, what Ireland needs in 2013 is to “MOVE ON”. It has become obvious over the past 5 years in Ireland that nobody is willing to take a real hard look at what has happened to the country because those who need to look are the ones to blame. So what needs to be done now is for everybody to move on. People need to stop looking to have someone to blame for the depression. Banks need to move on and start taking the hits on household debt that they a mostly responsible for in the first place. Bank negotiations should not be so difficult. The political and professional classed should start adding value to the country and stop feathering their own nests like they have been doing for so long.
Ireland is a small county and so easily fixed. We have generated tremendous political respect over the past few years in the way we have tried to deal with our problems. Now it is time that some of that respect is felt by the ordinary people through household debt relief, realistic bank negotiations, proper and full implementation of the Personal Insolvency Act.
Sometimes we forget people are the economy and if we provide people with the ability to survive they will do that and grow bigger, stronger and drive on the road to recovery. That road is in front of us and people want to get on it but they need help. MOVING ON will be the catalyst and our saviour!
Paul C Carroll Accountant
NEO Financial Solutions