Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I thank the witnesses for coming in and making a presentation to us this morning. The assessment of the Bill I get from the witnesses is that they are supportive of it and think it is a good idea but they have two concerns. One is that if it looks like it will get through the banks may sell on to vulture funds to avoid its consequences, and the second is there may be constitutional issues, which were raised previously, and the witnesses assume they will be raised again. Although they are supportive of the Bill they think another way to resolve the issue may be to sell these loans to a not-for-profit regulated third party. Will the witnesses elaborate on this? I presume it would require legislation from the Oireachtas to mandate the financial institutions to sell on certain loans and mortgages in distress to specified third parties.