Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

As I am conscious others are waiting, I may come in again later. The directive, however, develops a secondary market for non-performing loans. We have seen in recent times the treatment of borrowers by vulture funds compared with mainstream lenders. The interest rate environment is clear in that regard. Is Mr. Honohan concerned that the directive will provide for further securitisation and the growth of the vulture fund market here in Ireland, across Europe and across the globe? This directive allows the purchasers of debt to be anywhere in the world as long as they have a credit servicer somewhere in the European Union. Somebody in Hong Kong could be buying from the next bank to sell its loans. Ulster Bank is going to sell its loans after its agreement with respect to tracker mortgages. Under this directive, those loans could be sold to a credit purchaser in Hong Kong and the credit servicer company could be in Poland. There would be many challenges in such a situation, including language and time barriers and all of that. This is about increasing the secondary market without the consent of the borrower. Has Mr. Honohan any concerns about that?