John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

In regard to next week's meeting, Department of Finance officials will appear before the committee. Serious issues have arisen in relation to the sale of loans to Cerberus and how it is treating the customer at the other end, causing serious difficulties to local economies and businesses and, in particular, a business in Kilkenny. I intend to raise the issue with the officials next week as to what controls are in place once a bank sells its loan into Cerberus. What is the attitude of the Department of Finance and the State to protecting businesses that are working with the banks but are unable to work with Cerberus because it is demanding full payment of a loan upfront, when in fact it is a distressed business? It will close businesses. In one case, there are 40 jobs involved. I am expressing my deep concern about its attitude and will raise the issue next week.