Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I would like to change topic to another important and pressing issue. In just a matter of weeks, the special liquidator of IBRC is planning to sell more than 13,000 mortgages on the open market. I have met some of the families involved, people like Ms Denise McCormack and Mr. Mike Hurrell, who were featured on "Prime Time" last night. The families have two concerns. First, they will not be allowed to bid for their own mortgages. The special liquidator plans on selling their mortgages in batches of several thousand at a discount. Under the current plan, that discount will be turned into profit for large international financial firms rather than being used to benefit thousands of Irish families as it could. Second, when their mortgages are sold, the families will be stripped of important protections from the Central Bank, the code of conduct on mortgage arrears, CCMA, and the financial ombudsman.

As the Taoiseach knows, this has already happened to many Irish families. Apollo Global Management from the US and the Pepper Group from Australia have bought thousands of Irish mortgages. Both firms are voluntarily conforming to the Central Bank guidelines and are to be congratulated for doing so. Unlike domestic banks, though, they were not required to do so.

The families that own the Irish Nationwide mortgages are right to be afraid. Depending on who buys their loans, they could find their interest rates jacked up or themselves in court for repossession hearings. If that happens, they will have no protection from the Central Bank or the ombudsman under the current law.

Under the IBRC legislation that was passed last year, the Minister for Finance, Deputy Noonan, has the power to direct the special liquidator to allow these families to bid for their own loans at the market price. However, when I asked the Minister in October whether he would exercise that power, he refused. He cited the advice that it would be more efficient, among other factors, to sell the loans in batches. I hope the Taoiseach agrees with me that a little administrative complexity is a small price to pay for helping thousands of Irish families in this situation.

I have two questions. Does the Taoiseach agree that the Irish Nationwide mortgage holders should be allowed to bid for their own mortgages at whatever discount is being offered to international financial firms? Will he commit to the House to introduce legislation urgently that will guarantee that all mortgage holders have the same level of protection from the Central Bank, the CCMA and the ombudsman?

See this speech in context