Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The issue raised by the Senator is largely a separate issue. I have already responded to the effect that they would fall within the remit of the legislation if the institutions involved are regulated financial services entities. As I understand it, they are. In regard to the other points made by the Senator, I would need evidence from him that what he is saying is happening. My information is that this is not happening because when a so-called vulture fund acquires a loan book it has to honour the original provisions of the mortgage. As such it cannot under law do what the Senator is saying. We legislated to prevent that almost two years ago.