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

I did not introduce the legislation first because the sale was moving along a tight timeline and the legislation was complex. It will take some time to bring it to a conclusion. The other reason is that we had guarantees from the potential purchasers that they would honour the codes of practice set down by the Central Bank. They are reputable organisations and there is no reason to doubt them. Where other loan books have been sold to other organisations, nobody has run into any difficulty with the codes of practice. While the sales were made some time ago, nobody has come forward to say there was a lack of compliance with the codes of practice.

See this speech in context