Oireachtas Joint and Select Committees

Wednesday, 26 February 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Sale of IBRC Mortgage Loan Book: Discussion

3:10 pm

Mr. Antoine Mac Donncha:

Ultimately that would have to be decided by the Attorney General. In so far as legislation prospectively governed the actions of people who had acquired such assets, it is not a foregone conclusion that it could not be applied to people who purchased those assets prior to the legislation coming in. So because the legislation would be prospective, it would not interfere with the conditions of the sale. It is legitimate for the Government to legislate for the actions of people who are in that sort of space. That is why we have a suite of regulation of financial service providers. It would be for the Attorney General to make the final decision but we are not discounting the possibility that it would be possible to so legislate. That is why it is under active exploration.

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