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

These funds bought large portfolios of loans from NAMA, IBRC and banks departing Ireland. They are now slicing up those portfolios into much smaller parcels of loans and, under existing law, anyone can buy a loan. If one person owns a hotel in Dublin and I own a hotel down the road, I may be in a position to buy that person's loan. To comply with the law, I would have to appoint a credit service firm as an intermediary but I could do it and take out that person.

The nature of commercial loan agreements means they can be called in at will by the lender. For example, if a single payment is missed, this can trigger a default and the loan can be called in within a matter of days. The issue raised in this question will become a major one as this becomes washed out. There is no control whatsoever on who can ultimately own a loan. The idea that any individual can buy a loan relating to someone else's business and appoint an intermediary firm, hence complying with the law, raises serious questions. As I understand it, this will be coming down the track. I know for a fact that parcels of loans as well as individual loans are being offered for sale to individuals and business people. This will happen and the issue will need to be addressed.

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