Kieran O'Donnell (Fine Gael) | Oireachtas source

I want to commend Father McVerry on the great work he has done. Can I get slightly technical and go through the Bill itself and how it would work in practice? I want in particular to look at Part V with regard to the National Housing Co-operative Society. Would it be fair to say that model B will be the default position in most cases and that model A would probably never work? This is because model A would be based on the idea of the co-op looking to purchase the loan at the written-down value in the balance sheets of the banks. More than likely then, situations would automatically default to model B, which involves the State arbiter. Assuming that people can still refuse the outcome of model B, it would then go to an outright sale. How long will the process take? How will it unfold in practice? In the event that the co-op only purchases the property itself as distinct from the loan, do the original owners of the house, the original mortgagees, no longer own the house? Is it owned by the co-op?