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

If one was only selling a patch of ground down the country, one would know that the more conditions that were attached, the greater the potential for a reduction in value. That is the general point. I am not saying we will be sued, I am saying there is a legal risk. Therefore, it is much better not to interfere with the sales process and make sure the purchaser complies with all contractual obligations, as he or she has to under law. We can then take the issue of the procedural protocols subsequently, as we did when the other two tranches were sold, and get them to comply after the sale. There is then no exposure to a legal challenge and everyone is protected. That is where I will go. Of course, we have also indicated that if we have to legislate, we will do so. Deputy Michael McGrath's Bill is very helpful in that respect. We are indicating in advance that we do have power and that we can take legislative power. However, we will be able to solve this problem as we solved it on other occasions.

There are two sides to this issue. The liquidator has to get maximum value for the taxpayer. I would like to see Deputies standing up for the taxpayer, as well as for mortgage holders because it is reciprocal. The second point is that there is no need for wildly emotive language, frightening people who are already in difficulty with their mortgages, telling them that the sheriff is about to arrive at the door and that there are these corrupt people who are going to close them down. That kind of dialogue is not helping anybody. The Deputy is frightening decent people who are doing their best to deal with their mortgages.

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