Michael McGrath (Cork South Central, Fianna Fail)
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On that issue, is there any risk that the directive would potentially strike down any pre-existing legislative requirements on the statute book of a member state, or is it entirely forward looking? Consider, for example, loans that originated prior to March 2018 that became non-performing loans and were sold on to funds. If a member state legislates for this type of situation in its own way and subsequently an EU directive becomes EU law, can the EU directive strike down a national law or does it apply only on a forward-looking basis?