Kieran O'Donnell (Fine Gael) | Oireachtas source

The biggest concern is that there is a perception among the public that many of the funding vehicles are themselves borrowing in the short-term. They are borrowing money to buy loans.

The appeal of this is that the money being put in appears to be long-term in nature. If they are worked out in the long term by Pepper, it squares the circle but, if they are sold on to another fund within a relatively short period and that fund uses short-term financing, it brings about concern for hard-pressed Permanent TSB mortgage holders. It is a reasonable proposition and needs to be addressed.