Michael McGrath (Cork South Central, Fianna Fail)
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It is a major issue, as the Financial Services Ombudsman is the statutory watchdog for Irish consumers who have complaints about financial products sold to them. That avenue will be completely closed off for IBRC mortgage holders who will have their mortgages sold by the special liquidator. There is a serious vacuum in the law which must be addressed urgently.

I revert to how this issue arose in the first place. We know from parliamentary questions that the Department of Finance was in contact with KPMG as prospective special liquidator for IBRC as far back as autumn 2012, which was several months before the Minister came to the Dáil in February 2013 with emergency legislation to appoint the special liquidators. Did anyone think of this issue and the mortgage holders and of ensuring that these basic but vital statutory protections would be retained in the circumstance of the bank being liquidated? Why was that not factored into the sale process following the appointment of the liquidator?