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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What discretion does the intermediary have?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: All control rests with the fund.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Ultimately, who makes the call on how a loan is treated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Are those funds typically based in Ireland, the UK, the USA or elsewhere?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Has Mr. Hall ever thought, given his personality, of walking across the-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Can Mr. Hall define "barred"? Is he legally barred?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: On what basis? If the loan is ultimately held by-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What is Mr. Burgess's experience?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Is that a form of securitisation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What is the state of knowledge of the regulator of the Central Bank? Does he know what each particular fund owns?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Who is regulating the vulture funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Can the witness define "unregulated"? Does that mean that a company can float around in the financial services market while being accountable to nobody?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: These companies are purchasing home loans owned by the people we represent, as Mr. Burgess stated earlier. Politicians and financial advisers have different roles. Our role is to represent ordinary people. Last week, I was approached by a lady who has an EBS mortgage. She is separated and fits the criteria Mr. Hall mentioned. She is absolutely petrified. A representative from EBS called...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: We must get the human aspect of this across. The witness said we are not asking enough technical questions. Ordinary people have no knowledge of this. Dr. O'Hagan-Luff said that some vulture funds are unregulated.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Is it the case that, for all intents and purposes, they are accountable to nobody?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: They are accountable to no public body or regulatory body.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Could the Central Bank, if it wished, regulate these funds? Is there a legal mechanism whereby these funds could be regulated now?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Would that be retrospective? The existing funds-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: No, I am asking whether any changes to the funds would apply to loans purchased already.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What is the way it has made it work? What has it done?

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