Ivor Callely (Fianna Fail)

On a point I raised earlier about the purpose of the Bill, and moving on to the code of practice which is before us, will the Minister of State confirm there will be no practices applied that would be different to the original business practice entered into by the loan applicant and the financial institution? I understand new terms may be agreed mutually but I ask that there would be no practice whereby the financial institution, especially NAMA, would be able to apply a new code or term in reference to the original loan.

I asked the Minister earlier whether the asset or the management was being taken over by NAMA. My understanding was that it was not. However, the Minister later indicated that there were going to be a number of cases - the information available to me is that there will be as many as 20 - that will be taken over and managed by NAMA. If that is so and given whatever code of practice applies to those cases, especially if not only the loan but also the asset is to be managed by NAMA, what practice applies to ensure the person whose loans and assets are being incorporated into NAMA is not being disenfranchised in any form?

I am concerned about a number of issues. It is now likely there will be a group of people who will be treated slightly differently from the majority. I am asking for clarity as to what will apply in their cases. I understand some of this work has already commenced and that there has been application of certain procedures and codes of practice. I would like to have clarity on that point.

It is not just coming from the NAMA side. This issue was touched on earlier but I did not have the opportunity to contribute at that stage.