Oireachtas Joint and Select Committees

Thursday, 18 October 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Sale of Loans to Unregulated Private Investment Funds: Discussion

9:30 am

Mr. Martin Stapleton:

Yes. The sale was postponed and negotiations on the case are ongoing. Cerberus will argue that it does not know the detail of cases. We have no sight of what information is transferred from the bank to the fund and what information the fund is entitled to talk to us about. For example, I know of a case where a borrower asked a pillar bank for all of the information around his loan and when he got it, most of the details were redacted. It is difficult to understand how the pillar banks, which are partly or wholly owned by us as taxpayers, are behaving in such a manner.

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