Burton warns banks to be fair & realistic with debt deals

The Social Protection Minister is warning that banks will have to be "fair and realistic" on debt deals.

Joan Burton says agreements reached through the Insolvency Service of Ireland must be sustainable for both sides.

Opposition parties are hitting out at a clause in the new personal insolvency scheme allowing lenders to veto deals.

However Minister Burton says the Cabinet sub-committee dealing with mortgages will be keeping a close eye on the banks.

"I would certainly be encouraging the people from the bank side to be realistic - these were customers the banks formally sought out" he said.

"A fair deal and a realistic deal will not only help the individual customer stay in their home, but actually will help the economy to get back on its feet" she added.