Paddy Burke (Fine Gael) | Oireachtas source

On the sale of loans by various banks in recent years, I have received a considerable amount of correspondence from people who have had to vacate their homes. I presume the banks have been given permission by the Central Bank to proceed with the sale of these loans. Banks sell loans to companies such as Cerberus and other financial operators that do not function here on a day-to-day basis. They use intermediaries to operate on their behalf on a day to day basis - for example, companies like Capita. However, when a repossession comes up, the original bank carries it out. In that sense, the original bank obviously holds the deeds to the property. I ask the Governor to explain that process. Loans are sold to one company and often operated by another on a day-to-day basis but when an eviction is sought or the individual has to vacate the property, the original bank is involved. Does the original lender not give the security or the deeds to the company that buys the loans?