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

The Minister is well aware of this question by now. It relates to the sale of mortgages to entities not regulated by the Irish Central Bank. The issue has come into sharp focus because of the imminent sale by the special liquidator of IBRC mortgages, but it could also apply to mortgage holders of any other bank. What would the Minister do if AIB, Bank of Ireland, Permanent TSB or Ulster Bank informed the Department today that it intended to sell its mortgage book? Would the Minister allow it to go ahead in the same way that the sale of the IBRC mortgages is currently proceeding? I doubt it very much, so I am hoping we can make some progress on this issue today.

See this speech in context