Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

On the impact that the Bill would have on the banks' ability to access funding, will Mr. Sibley explain the following reference in the ECB opinion, which is similar to what Mr. Sibley stated in his submission? The ECB stated it notes that under Irish law, in order for credit institutions to issue asset-backed securities, covered bonds or special residential mortgage-backed promissory notes, or to create security over pools of credit claims, the underlying residential mortgages must be transferred or, in the case of a security interest, be capable of subsequent transfer. It went on to state the Bill would render that difficult or impossible. In simple terms, what will that mean for the ability of the banks to access funding, and what will be the consequences of that?