Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Those points are well made. There is a major debate regarding IBRC and across much of the political divide there is frustration at the idea that the bank is selling its mortgage book to unregulated institutions. An element of the debate is that people will not have recourse to the financial ombudsman. My party has called for the sale to be suspended but the mortgage holders would still not have recourse to the financial ombudsman even in that case. That is a position disputed by the Minister for Finance. I have a letter from Mr. Prasifka's office to an IBRC mortgage holder, and it points out that sections in the relevant Act mean the office is prevented from examining the issue. I also have a reply to a parliamentary question from the Minister for Finance indicating that he has been advised that the Financial Services Ombudsman is not precluded from investigating complaints by mortgage holders against IBRC due to the Act. Has the matter been discussed with the Minister for Finance? Why is such a restrictive approach being taken? If the legal advice for the Minister for Finance is that the office can deal with the issue, why not do so and let the State-owned IBRC challenge the office? The only party which could challenge the office is a State institution but the Minister is on the Dáil record as saying that will not happen.