All of this would need to be on a case-by-case basis without imposing avoidable costs on the State, which has, after all, provided the necessary capital. Ideas along these lines are being considered by the banks, and would not require legislative or regulatory action.
In addition, the Central Bank has been working actively with the relevant Government Departments with a view to making rapid progress on proposed amendments to Bankruptcy Law and the development of a carefully calibrated non-judicial debt settlement mechanism (building on the report of the Law Reform Commission).