Kieran O'Donnell (Fine Gael) | Oireachtas source

We could have a situation in which a borrower could be in compliance and up to date with his or her home mortgage but in arrears in other aspects of their loans. All of their loans could go as a group to a fund. There are aspects of how the banks operate with which I am not happy but the average mortgage holder has assurance that the banks are in the business of lending long term.

The banks structure a mortgage over 20 or 25 years. Their home loans could be sold on to a fund which might be borrowing short and which effectively may be structured to be a short-term loan vehicle, and which is itself borrowing money over a five-year period, yet it is suddenly taking on mortgages that might have 15 or 20 years left. What assurance can people have that they will get the same rights and conditions that pertain when they are with the bank?