Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Mr. Masding mentioned my legislation on no consent, no sale. I am glad he has brushed up on it. The Bill comes from the Central Bank's code of practice, introduced in 1991, to which no bank, including Permanent TSB, has ever adhered. It is voluntary. Mr. Masding said he shared the concerns of the European Central Bank in respect of the Bill. I have made it clear on numerous occasions that securitisation and covered bonds are not to be captured within the legislation and that will be clarified in greater detail on Committee Stage. However, this does capture the likes of Permanent TSB selling on to a vulture fund at a reduction of €1.2 billion or whatever. The amount is immaterial; the bank should get the consent of the borrower. When I put it to the Central Bank that if there was an exemption for securitisation and covered bonds, I was told that would address many of its concerns. Does Mr. Masding also share this opinion? That is the intention of the Bill.