Kieran O'Donnell (Fine Gael) | Oireachtas source

The Central Bank and the Department of Finance are independently opposed to the Bill. I want to be devil's advocate and flesh out how the Bill would not be of benefit to borrowers in difficulty with the banks.

Would it not give them more rights in terms of their loans? This is the premise and I want to test it. The point has been made that the Bill would bring about an increase in repossessions and interest rates and a lack of competition in the market. I will not deal with issues such as reduced securitisation, access to the ECB for funding, a reduced value of the State's shareholding or unconstitutionality. I am interested in the mortgage holders who borrow from banks in good faith and are then concerned when the loans are sold on to funds without them being consulted. We read in today's newspapers, as have many mortgage holders, that today is the closing date for AIB's €1 billion sale to Everyday Finance. Will the witnesses deal specifically with why mortgage holders would not be in a better position with regard to keeping their homes under the Bill than the position that pertains at present? I do not say I agree with the legislation but our job is to test whether the points being put by Deputy Pearse Doherty, the Department and the Central Bank stand up to scrutiny.