Michael McGrath (Cork South Central, Fianna Fail)
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It is repeated ad nauseamby the Central Bank, the Minister, and others that protections travel with loans, and that borrowers are no worse off if their loan is sold on to a so-called vulture fund. The issue was raised in the FLAC opening statement that it does not see any specific legal obligation on the new loan owner to honour a restructure agreement that has been entered into. Is there a legal basis for that or not? Where does it say in the code or in any other provision that the new owner has to respect an agreement? Is that written down anywhere?