Catherine Murphy (Kildare North, Independent) | Oireachtas source

The key point is that they do not feel they are being treated fairly and that moral hazard only seems to apply to the little man. There is an inadequate supply of funding in the Irish banks and they are not interested in taking on these mortgages - even those that are performing. We can assume that the people who will be interested in purchasing these loan books and particularly the performing ones - unless the others are to be very heavily discounted - will be from outside the State. If that is not the case, from where will the money come? Therefore there is a considerable prospect that they will not be under the control of the Central Bank. There is good reason for people to be concerned about how they might be treated afterwards. The loans that are likely to go to NAMA are the non-performing ones that are not attractive to prospective purchasers. People are telling us they are hanging on by their fingernails. Any change in conditions will be of major significance for people with these mortgages. It is not right that they will not be covered by the Central Bank guarantee in how they are to be handled.

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