Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I apologise because I had to take something in the Dáil Chamber for a few minutes but I will read the transcript of the portion of the meeting I missed.

I particularly welcome the comments in the Central Bank's submission in appendix 3. It goes into the detail of some of the definitions and issues around enforcement and regulations, which is helpful as we continue to look at this legislation. I welcome that.

Mr. Sibley spoke about the impact of this Bill on financial stability and there has been much commentary about that. I outlined earlier that the intention of the Bill was not to deal with the issues of securitisation or the impact thereof, ECB collateral and a number of those other issues he identified. He said that would go a long way to addressing the concerns of the Central Bank.

Appendix 3 of the Central Bank's submissions deals with some of the definitions. Is there anything else, in Mr. Sibley's view, that needs to be addressed? The core part of this Bill prevents a lender transferring a loan directly to a third party, whether a vulture fund or otherwise, without consent. If the committee determines, based on its own legal advice and the committee's view, to pursue this legislation, does Mr. Sibley want to add anything else? I made the point earlier that it is my intention to have that area which was of greatest concern to the Central Bank excepted from the legislation.