Catherine Murphy (Kildare North, Independent) | Oireachtas source

The Minister has said he understands "the anxiety of individual customers". Those who have non-performing loans might be anxious, but those who have performing loans are absolutely furious that large corporate entities will be able to come in and buy those loans at a discount. The loans that are being valued relate to properties that have already been discounted because of negative equity. I do not know how these discounts will work. It is clear that large corporations will be able to cherry-pick, whereas individuals will be unable to bid to buy their mortgages, obviously, because the banks are not making enough loans available to allow that to happen in a timely way. These people are being cut out by the speed with which this process is being pursued. The Minister said that borrowers received letters asking them to outline how they would prefer to proceed. It was a one-way communication in relation to the individual mortgage holders. Essentially, it will be decided for them. They will not be able to make an input into how the decision will be made. There is real anger because people who have been paid in full for bonds, some of which were not even secured, will be able to use that money to buy performing loans at a discount. It just seems absolutely unconscionable. When people see that scenario in front of them, they have to question whether the best return for the taxpayer is being achieved.

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