Sinn Féin deputy leader Mary Lou McDonald has welcomed the Government’s willingness to “tweak” insolvency legislation as her party’s ard fheis gets underway in Derry.

Minister for Finance Michael Noonan has said Ministers had this week discussed changing the legislation over time and said regulation could be used to improve the uptake of insolvency procedures.

“If he’s referring to the 2012 legislation and the fact that the banks enjoy a veto in that legislation I think he would be well advised to go back and to remove that veto,” Ms McDonald said.

"In fact I raised this matter with Joan Burton at leaders questions last week and she told me at that time that she was not interested in removing the veto and neither would the government.

“But if they’ve changed their mind and they’ve moved from that position I think that would be a very welcome thing.”