Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The commitment given previously by the unregulated purchasers of mortgage books was a formal one, but I could not say whether it has the force of contract law without checking the legal position. However, I would not expect anybody to resile from it; if a formal commitment is given, it stands. The commitment is given publicly to the mortgage holders in the first place, but it is also given to the Central Bank and we expect it to stand. I will ask the officials dealing with the Central Bank and the Office of the Attorney General to have a look at that point.

See this speech in context