Kieran O'Donnell (Fine Gael) | Oireachtas source

I am zoning down on one specific question. Let us say someone was with AIB yesterday and his or her loan is sold on to a fund. We are told that many of the funds have borrowed short term. In essence, they are highly geared and they are loan vehicles which borrow from pension funds themselves. The funds might have borrowed that money for a five-year period but they are taking on loans from banks that might have 20 or 25 years to run. We are at the coalface dealing with people whose loans have been sold on. The first inkling they get of their loan being loan sold on is when they get the letter through the post. We deal with these people on a daily basis and we know the impact is enormous. What is in the current legislation to address this? I have concerns and reservations about many aspects of this Bill and we are duty bound as a committee to test the veracity of all its aspects. No one denies what the Bill is looking to do but I am asking these questions so I can have comfort around it. Obviously, the regulation has been extended to funds whereas it was previously just with the agents that were operating in the country itself. What assurance can Mr. Sibley give to mortgage holders that, if their loans are being sold on from AIB, Permanent TSB or other institutions to a fund, they have as good a chance of staying in their homes as they would have if the loans stayed with the institution?