Peter Mathews (Dublin South, Independent) | Oireachtas source

This is of interest as it is a parallel issue. The same thing applies to life assurance companies. I have personal experience of the situation. They now advise customers who hold a convertible life policy that they are obliged by the Central Bank to advise in the interests of customers that the policy could be sold or transferred to a third party in a secondary market. I looked at the original policy I took out in 1980, which I converted in 1989. The policy was written by Norwich Union but is now controlled by Aviva. Nowhere in the original policy was there even a hint that it might be sold or transferred to another company. I would not take out an insurance policy with a new owner if the original policy was sold. That is fundamental. The same applies with lenders and borrowers. It is a relationship, it is not just an asset.

Ms Murphy spoke about the details submitted to the Central Bank by the banks. I would hold that in the past ten years the information and details from any of the banks in this country submitted to the Central Bank are hugely unreliable, starting with the loans that were listed for the purpose of transferring to NAMA. It was a joke. The provisions were a joke.