Kieran O'Donnell (Fine Gael) | Oireachtas source

I wish to I flesh out a few points. We hear a lot about funds and the vulture aspect of the title in the fund. Is it a bit of a misnomer because, based on what I hear from people involved in the business with whom I am in contact, most of these funds are effectively nearly 100% geared? They are effectively borrowing money from funds themselves worldwide. They then buy the loans from the Irish banks so they have people to whom they must repay money. This brings about a structure whereby the question of any formal restructuring does not arise because they must repay money to the funds in the US and elsewhere so they are not actually funds at all. Am I correct in my analysis of that?