Liam Twomey (Wexford, Fine Gael) | Oireachtas source

This is another consequence of the economic fallout that we have been suffering from over the past six years. The liquidation of IBRC had to be done in haste and, as a result, an issue such as the protection of mortgage holders crops up. What the Minister for Finance said several weeks ago on this matter was important, a point glossed over by the Opposition. Essentially, legislation such as this could have been perceived to affect the value of this bundle of assets. The argument coming from the Fianna Fáil finance spokesperson is that some of these companies would have to pay more for the assets if they had to give a commitment to abide by the code of conduct on mortgage arrears. It does not matter whether it is real or not; if there is a perceived effect on the price of the asset, it is possible then for creditors to sue the State. Considering the Fianna Fáil spokesperson is an accountant, he understands the Minister’s position in this regard. This is just politics being played out with this Bill.

The bidders for these assets, as we have been told by the Department of Finance, will be happy to follow the CCMA if they are successful in their bids. Anyone else who bought similar assets in the past was happy to participate in the CCMA. We are attracting investment into Ireland. When one considers the crisis we went through, it is important that there are still people who believe Ireland is the right place in which to invest. The Opposition, with its cheap shots at the Minister, should be careful they do not have any knock-on effects and damage Ireland’s reputation. We are not only successful in getting foreign direct investment but in changing the image of Ireland that was there when Ajai Chopra crossed from the Merrion Hotel to the Department of Finance three years ago. There was some difficulty in changing that image, considering what had been left behind. The Minister for Finance, Deputy Noonan, is careful how these issues are managed and whom we attract to invest in the country.

We want to avoid the debacle that was the sale of Eircom, as do Fianna Fáil Members. It was State-owned and one of the leading technological companies of its time. After its sale, it went through various ownerships and was asset-stripped by vulture capitalists, leaving it a shadow of its former self. The Minister for Finance does not want something similar to happen when we invite investors into the economy. He is also well aware of the protections required not just by mortgage holders but by citizens, because of the Wild West economic policies that were in place in the past. The great work that has been done in restoring our reputation, attracting investment and looking after those who could be perceived as being very vulnerable must be taken into account. After the sale of these assets, the Minister can move to protect the mortgage holders in question. He has made it quite clear he will. Many of the companies bidding for these loan books have said they will enforce the CCMA too. When one considers how difficult economic conditions are, that is a significant change from the laissez-faire attitude of previous Administrations that I have seen here since I was first elected to the House in 2002.

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