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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Are they investing directly in Glenbeigh?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: What then is the trustee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: He is just making sure they are okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: That is different from the two. Is that not right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Right..

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Then it is Glenbeigh that can sell on the notes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: That is the one where Mr. Masding had no comment on whether it was-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Those organisations are the vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: They are at arm's length from-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: The vultures, yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes, the vultures.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Yes. Right. I have got that. I would like to ask about the meeting with the Minister. Again, this is for information. Permanent TSB only has to consult.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Was that a meeting or was it just a way of giving the Minister the nod about the sale of €1.3 billion in loans? Was there an in-depth conversation about it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I want to be prepared in case I am appointed Minister for Finance at some time in the future. I will be prepared.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: That is all right. My final two questions relate to the written consent of the borrower and to the Central Bank. The written consent of the borrower is really a voluntary code of practice. It does not have to be-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Are the codes under which Pepper operates - separate from the regulation - voluntary in nature as well?

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