Oireachtas Joint and Select Committees
Tuesday, 10 March 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Mr. Simon Carswell:
Prior to that Act, banks could take bundles of residential mortgages and use those mortgages to borrow in the debt markets. They would create a bond and go into the debt markets and sell the bond. That legislation allowed commercial mortgages to be used, which had not previously been allowed, to raise funding in the market.