Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It is very detailed and it is very specific in relation to Project Redwood. Again, as a final point I reiterate how unsatisfactory it is that there is no accountability or transparency whatsoever. We cannot question, challenge or probe the composition of Project Redwood or to what extent, for example, there are customers - small business owners or buy-to-let investors - who have engaged, who have perhaps restructured and perhaps are honouring the terms of that restructure. The bank has characterised the sale as largely concerning those who have not engaged but we cannot challenge that because we do not have any information whatsoever and it would appear that if the sale proceeds along the current course, the first those people will hear about it is when they will get a letter informing them that essentially the deal is done and their loan has been sold. There are people out there running businesses, be it a farm or indigenous small manufacturing firm, and for months their loans have been gone through by funds and assessed through high level and detailed due diligence and the reports in the media are that the process will be done by June. The bank comes before the Oireachtas committee as a State-owned bank - 71% owned by taxpayers - and it gives zero information. I do not think that is good enough.