Oireachtas Joint and Select Committees

Thursday, 8 December 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland

9:30 am

Mr. Bernard Sheridan:

There is nothing to stop a vulture fund from doing that. The issue is whether that would be unfair. There is legislation in place such that if rates are exorbitant and a borrower cannot move from a particular loan owner because he or she is in negative equity or an arrears situation, the Central Bank would be concerned and would not sit idly by.