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

The reality is that if the worst comes to the worst and a person's mortgage is in difficulty and then sold to an unregulated entity - a third party - that entity can move against the mortgage holder virtually immediately. If we look at the standard contractual terms of any mortgage agreement, they are stacked heavily in favour of the lender - the Minister knows this as well as I do. It is simply unfair and unacceptable that there is any prospect that the basic and vital statutory protections that every other mortgage holder in the country possesses would be removed from IBRC mortgage holders or nybody else.

The subtext of what the Minister is saying about the taxpayer is that these funds may well be prepared to pay more if they do not have to comply with the code. Why would they pay more if they do not have to comply with the code, given that they would not intend to comply with it?

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