Kieran O'Donnell (Fine Gael) | Oireachtas source

It was not particularly a feature up until now. Even though the vulture funds controlled the property, the property was at a relatively depressed price. In the meantime, many of the loans have been sold on by NAMA and are controlled by vulture funds. In some cases, receivers are being appointed, which means that the properties in question will be sold to realise the assets' value. If something happens once, one takes note. If it happens two or three times in quick succession, one has to question it. That is my role as a public representative. What I have described is becoming a feature.

When Mr. Sibley attended previously, I probably questioned him on the regulation of the funds that dictate policy as distinct from the agents that act on their behalf within the Irish State and are regulated directly by the Central Bank. It is a broader question that is probably going to become more of a feature as the property market continues its recovery and funds seek to realise value. Has the Central Bank examined this matter in any depth empirically? Many of the relevant cases that I have encountered involve young couples who got caught in the property crisis and could not purchase a home. They entered the rental market in 2004 or 2005 and rented for seven or eight years in the same place. Suddenly, they find that receivers have been appointed. They are worried. They are not dealing with a bank down the road, but with someone who, to them at least, is faceless. This falls within the Central Bank's remit in terms of prudential regulation and the financial stability of the banking system and the State itself. This is a broad request for Professor Lane's observations, connected with regulation and the financial system.