Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

It has been very useful to have this debate and I thank both Deputies for raising the issue. I can understand the reasons for concern.

Deputy Catherine Murphy should not assume anything as to who will ultimately purchase this loan book. The State's objective through the special liquidation process is to obtain the best price we can on behalf of the taxpayer, which we all support. As we are now in the process of the sale, I will not prejudge what third party might ultimately acquire this loan book.

As I outlined, there are existing contractual arrangements between lenders and borrowers for those people who took out loans in the first place. They do not ostensively change. The key issue, as Deputy Michael McGrath said, is whether the code of conduct, which we all support, is applicable in this case. NAMA has made clear its intention to apply the code, which we welcome. Whether it ultimately purchases the loan book is a matter that will become known in due course and I will not prejudge that. However, even if it does not, as a result of recent court decisions on repossessions it is clear that the courts are requiring parties to have a clear understanding and operation of the code where repossessions proceedings are brought before the courts.

Having the code in place provides an additional layer of protection. Most importantly having the code applied across the spectrum of people in mortgage difficulty provides some bone of comfort for people. Notwithstanding that, I take Deputy Michael McGrath's point seriously. We will keep this matter under constant review. I fully understand the difficulties people face and the Minister is being briefed on the matter on an ongoing basis.

See this speech in context