Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Ms Nolan referred earlier to retrospective legislation. At other side of the sale, there is the contractual nature of the sale of the actual loan. It was implied that the purchasers of loans could adopt a belligerent attitude which could affect people adversely because they are on variable rate mortgages. Most variable interest rate loans are tied, somewhat, to the ECB rate. The rates tend to move around that space. If we saw a departure from that general approach to the variable interest rates being applied on the current loan book that is being sold and there was an increase of 1% or 2% with no material change in the ECB rate, that could be deemed to be very belligerent behaviour by the purchaser. Ms Nolan indicated that such behaviour might give rise to legislative action, not on the sale itself but on how the contract is operating. Is my understanding correct here?