Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The issue arises if it goes to an entity not regulated by the Central Bank of Ireland. In his response, the Minister of State said it would be in the purchaser's interest to apply the code because it might find it difficult to get a repossession order in court otherwise. However, there is uncertainty there. I believe it should be explicit and clear that under no circumstances should the IBRC mortgage holders lose the key protections every other borrower has under the code of conduct on mortgage arrears. That should be a condition of the sale of the mortgage book. Under section 9 of the legislation, the Minister has the power to impose that condition. I believe that should be done as otherwise we run the risk that 11,000 borrowers in respect of their principal private residences will lose statutory protection for their family homes. That is unacceptable and is entirely avoidable if the political will exists.

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