I read a headline this morning that may cause some reflection. It indicated that a delay in enacting legislation is destroying lives. This relates to the Personal Insolvency Bill. I remember predicting in July that the framework would not be put in place until 2013. The legislation has passed through the House so the question relates to the regulations that must be commenced to ensure that the measures in the Bill are operable and can be brought into play to assist people with personal indebtedness. We are not entirely satisfied with the Bill as it gives a veto to the banks on a continuous basis and thousands of people are in mortgage arrears.

The Bill is in the Seanad.

Will the Taoiseach provide an update? Will it be operable before the new year?

It will be finished before the Houses rise for Christmas.

Will the regulations be in operation?

There are details in setting up the new agency. The director has been appointed and the date has been fixed for it to commence operations. For that to happen, the Bill must go through the system here. It will be completed.

That sounds like it will be the new year.