The agency is due start accepting applications on 9 September.
From this date, people unable to pay debts will have a number of options open to them, short of having to avail of formal bankruptcy.
Mr O’Connor said in the UK average write down of unsecured debt in these kinds of arrangements is two thirds, adding that he had no reason to believe it would be materially different in Ireland.
The four main banks are due back before the Finance Committee next month.
Committee Chairman Ciaran Lynch says they will be seeing how banks are operating when it comes to individual lenders.