Kieran O'Donnell (Fine Gael) | Oireachtas source

I welcome Mr. Masding, Mr. Ryan and their colleagues. I wish to speak about Glenbeigh and its structure in the prospectus. Is it an Irish-registered entity? Who are the shareholders? How does the board work?

What rate of return was it offering to potential investors? Why has Permanent TSB retained the 5% rate? I am trying to find out why this was set up and how it works. In the event that Glenbeigh was wound up, who is the beneficial owner of the loans? It was said they are in Pepper. Did Pepper purchase a batch of loans from Permanent TSB previously? Is it managing any existing portfolio? I want to get a feeling around Glenbeigh. How does it differ from an outright sale direct to a fund in terms of structure? Does Permanent TSB deal differently with the end consumer, which is our main concern? I want to know about Glenbeigh.