Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I need an answer to my question. For example, the Apollo Group which bought 2,000 mortgages from Bank of Scotland last year has indicated it wants on a voluntary basis to enter into the code of conduct on mortgage arrears, CCMA, with the Central Bank and the Department of Finance. What does that mean? Is that a cast-iron guarantee for those 2,000 mortgage holders who reside in the State that they are now locked into it, as they would be if Bank of Scotland still held these mortgages, or can it voluntarily opt out of it? Is an agreement being put in place between the Central Bank and the unregulated institution? That was my original question. If the sale process does not proceed in March because the bid targets have not been met, the loan book will revert to NAMA. It is not likely that NAMA will hold on to these loans to their conclusion; it will be wound down before many of these loans are extinguished. In that case will the Government facilitate individuals in purchasing their loans at a lower discount than that offered to the markets or at least the same discount offered to the markets?

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