Michelle Mulherin (Mayo, Fine Gael) | Oireachtas source

Mr. Wallace described his satisfaction at the discussions with non-Irish regulated bidders over the past two weeks that culminated in last night's announcement that they would voluntarily subscribe to the Central Bank code of conduct on mortgage arrears. These bidders have been asked for this commitment because they are based outside the country. Mr. Wallace was satisfied as to their bona fides but we know what is happening in this country with venture capitalists. Ireland has become a magnet for international hedge funds. They see pickings here and come in like vultures and sell on. They have no interest in hanging on to loans and being challenged on the commitments they gave to Mr. Wallace. We are also dealing with an unknown quantity, possibly based outside the country, that will not come under the code of conduct to which financial institutions in this country must subscribe. Mr. Wallace indicated to one of the members that he will disclose the bidders at the end but it is meaningless because we will never know the bidders if the loans are sold on at the rate hedge funds can sell them on.