Ms Ann Nolan:

No. What I am saying is that as part of the IBRC liquidation, we dealt only with the value of the assets being sold. In terms of protection for the individual mortgage holders, at the time we introduced the legislation, it seemed most likely these mortgages would go to NAMA. I understand that now there are other bidders. That is not exactly what we expected at the time. We would require NAMA to apply the consumer protection code to any consumers.

The question of sales of mortgages is a broader one that encompasses more than just the IBRC. It has to do with the mortgage contract. It is obviously preferable that all of the protections of the State apply to these customers, but it is also important not to put ourselves in a position in which we are implying they will have no protection at all. They are governed by the mortgage agreements they have signed and they will be governed by any restructuring agreement they sign with KPMG or have already signed with IBRC before the liquidation. It is not the case that these customers are left with no protections at all. The legal position is that the courts have asked anyone who has gone to court over a mortgage case whether the consumer protection codes applied or not. The courts will retain the right to ask that question. It is specifically provided for in the insolvency legislation that people have rights under the consumer protection code.