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

The fundamental question is when will we have a comprehensive picture of what is going on in respect of the liquidation of IBRC. That, in essence, is what I seek to find out. Is it not the case that the prohibition that exists in the case of NAMA, which we discussed at a meeting of the Oireachtas Select Sub-committee on Finance yesterday, preventing that organisation from selling loans back to the original NAMA debtors does not exist in the case of IBRC? My understanding is that there are IBRC debtors who are in a position to buy back their loans at a very significant discount and, as a consequence are essentially receiving a write-off of an enormous amount of debt, running into millions of euro, perhaps even hundreds of millions of euro. It is important that the Minister clarifies that point.

The Minister mentioned yesterday that approximately €6 billion of the €12 billion may well end up in NAMA. It would be important for him to clarify that this morning. Can he give us any assurance that the mortgage holders of IBRC will not in any way be disadvantaged and will not lose any of the protections they have under the code of conduct on mortgage arrears and the consumer protection code, irrespective of where their loans end up?

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