Joan Burton (Dublin West, Labour) | Oireachtas source

As regards the reference by the Minister of State to securitised debt in respect of bonds, I am concerned in regard to financial companies and that, because mortgages are a form of debt, this could facilitate the securitisation of mortgages in a possibly very socially undesirable way. When this was first adopted in America, it led to sub-prime lending. I do not want to go over old ground but Members have not received the Minister of State's briefing notes and it is very difficult to absorb everything he reads out. In terms of unsecuritised debt, will that apply to venture funds and financial and banking companies and will it include mortgage debt such as that which Members are familiar with and concerned by? If so, I ask the Minister of State to outline what the implications will be.

See this speech in context