Enda Kenny (Mayo, Fine Gael) | Oireachtas source

We dealt with this yesterday. The sale date is fixed.

The Deputy seems to have jumped the gun again in that he assumes this portfolio will be bought by an outside entity. I have already made an observation on the sale of two previous packages of loan portfolios. In the first case, the extra code of conduct requirements and conditions set out by the Central Bank were accepted. In the second case, the purchasing entity voluntarily adheres to the codes of conduct beyond the normal contractual arrangements set in place when the mortgages were agreed in the first instance. It is not true, therefore, for the Deputy to say that the portfolios are going to outside hedge funds because he does not know whether the valuation set out will be achieved or not. If it is not, the loans are to go to NAMA, which is already regulated in the sense of adhering to both the contractual obligations and extra code of conduct requirements set out by the Central Bank.

The Minister for Finance has made it perfectly clear he is concerned about this. He has written to the Central Bank. It is a fact of life that a court will not allow repossessions or allow this to happen unless there is a commitment to adherence to the codes of conduct. It is also a fact that there is no restriction within those portfolios on people continuing to pay their mortgages; many of them do.

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