The new personal insolvency arrangements could underpin a good outcome here, but the final form of their precise architecture and especially the operational parameters (how to define affordability etc.) will be crucial.
Much also falls on the banks, whose role in ensuring a realistic and effective approach to loan recovery – in effect for the benefit of the State – must continue to be developed alongside the resumption of a less timorous approach to new loan approval, including for the newly approved negative equity mortgages for movers.