Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

It would have been appreciated if we, as legislators, on the night had a strategy presented to us. I understand that it had to be in place before 9 a.m. the following morning. This is a little reactionary. Almost 40% of the mortgages the special liquidators are dealing with are distressed. I am uncomfortable with the notion that somebody can come in and manipulate their mortgages to get the most money they can out of them and we need to put legislation in place to protect them to the best of our ability. I urge the Department and the liquidators to reconsider the need for legislation. Given what has been divulged, any valuer would understand that the Minister would legislate if they did not live up to the code of conduct. To safeguard the mortgages, the legislation should be introduced now rather than waiting for the loans to be sold on and on. A total of 970 borrowers are not engaging. Are they all PDH people or are they buy-to-let investors?