Brian Lenihan Jnr (Dublin West, Fianna Fail)

I move amendment No. 3:

In page 10, between lines 24 and 25, to insert the following:

"(2) A designated body may from time to time transfer, to the Minister or such other person or body as the Minister may direct, outstanding mortgage loan payments representing the principal and interest amounts of securitised local authority mortgage payments due to the designated body.".

It is Ulysses, indeed. I thank Deputy Rabbitte. This is a technical amendment to allow the NTMA to wind up an investment vehicle. As published, section 11 provided for future cash flows in which the companies' entitlement would be made over to the Exchequer and the companies wound up. The amendment I propose will mean that such cash flows can be made over to the Exchequer before the winding up is initiated. This is intended to simply the winding up process.

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