Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Therefore, what the vulture funds are being advised is to take their existing loan books of, say, 10,000 mortgages, package them up into a residential mortgage-backed securities and list the . That will take approximately two weeks. A company in Luxembourg will then buy such a security and, because it is a section 110 vehicle and exempt from the new provisions, the profits deriving from that mortgage book can be placed offshore without any taxes being applied.