Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Can the Minister inform us that the heads of the Bill provide for the retrospective nature of the legislation in order that it will not apply just to IBRC mortgages but also to the others sold by previous institutions? I have said we will be generous in facilitating the passage of the legislation to protect mortgage holders. What is its legal standing? Was it a spit in the hand and a firm handshake between somebody from the Central Bank, Lone Star and the other companies that bought these loans? Was it agreed to by e-mail? The Minister seems to suggest that although the loans of thousands of mortgage holders were sold a number of weeks ago, he is still completely in the dark as to whether there is a contractual agreement or it is just somebody in an office sending an e-mail to the Central Bank with a nod and a wink agreeing that the institutions will comply and telling the Central Bank not to worry. Is the Minister not concerned whatsoever? Should he not take some interest in this issue and find out if the e-mail correspondence which seems to give the only assurance that they will comply with the CCMA is of a contractual nature?

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