Ms Áine Carroll:

I am happy to take the Senator's question. Regarding the issue of vulture funds and where loan books were sold, we have been very vocal that the consumer protections that applied to the consumers at the time they took out the contracts are retained, regardless of ownership. What has come across from the work that has been undertaken on repossession - Mr. Keating may want to comment on this as well - is that it is precisely that uncertainty the Senator spoke about that has emerged as the issue. In our introduction, our chairperson said it is like a postcode lottery. It also depends on who one's lender is. Those two issues need to be considered. For consumers who have sleepless nights and who fear their house might be repossessed, they have no clarity as to what the process is or how long it will take. This is why one of the options we have outlined is that the system be examined to give people more certainty in order that even for people who are in that horrible position of their financial situation not having changed and not being able to reach any kind of deal on repayments with the bank, at least there is a resolution to it. From a consumer perspective, that horrible spectre of potentially losing one's house has been hanging around some people for years, and it is not fair to consumers to leave them in that position. The system therefore needs to be much clearer for people, and State supports need to be in place to help them through that system as well.