Ivana Bacik (Independent) | Oireachtas source

Senator O'Brien raised three issues. He first sought a debate with the Minister for Finance on local property taxation. The Leader has sought to have the Minister come to the House for a number of debates and I am informed that his office is in discussions with the Department of Finance to have him in the House next week. The date has not been confirmed yet but we hope to have further word tomorrow. We will let the House know exactly when the debate will take place.

Second, the Senator queried the status of proposed legislation to deal with fair pricing in the horticultural and dairy sectors. I can check where that is on the A list and when it is likely to be brought forward. I am not aware of the positioning of it.

Third, he raised the serious issue of the sale of the Irish Nationwide Building Society mortgage book currently held by IBRC and security for the 13,000 households concerned. I agree with the Senator and others who raised this that it is a serious matter. Special liquidators have been appointed to oversee the liquidation of IBRC for the benefit of all creditors of the institution. They are conducting a valuation and sales process regarding all IBRC's assets, including the residential mortgage portfolio. The key issue is whether mortgage holders who were in arrears with the bank will continue to enjoy the protection of the Central Bank code of conduct on mortgage arrears. The sales process is not due to be completed until next month. A number of colleagues, including the Senator, speculated about vulture funds but we do not know who will be the purchaser. It could be NAMA and the Minister has advised that should the portfolios be sold to the agency, it is likely to apply best practice and no borrower will be in a worse position.

The Minister for Finance is aware of the concerns of borrowers and has instructed his Department to examine the issue in consultation with the Central Bank with a view to bringing forward a solution. He has also informed the Dáil that the Department is aware of another mortgage book that has been purchased by an asset management group not covered by the CCMA, code of conduct on mortgage arrears. That group has met with the Central Bank and the Department of Finance and has indicated it intends to adopt the CCMA to manage the acquired loans. It believes that following the code is in the best interests for it and its customers, as well as forming part of its core strategy. We do not yet know whether the purchaser will be NAMA, the National Asset Management Agency, or a private sector purchaser. It would be expected, however, that it would abide by the code as it would likely be in its best interests in dealing with customers. I am sorry I cannot provide any more information but that is as full an answer as I can give. I agree, however, it is a matter of real concern.

Senator Paul Coghlan raised the matter of IBRC, Irish Bank Resolution Corporation, and noting the progress made by NAMA in the sale of the loan portfolio. He, along with Senators Noone, Mullins and Cullinane, raised the issue of Rehab’s salary disclosures and, more generally, the need for regulation of charities. These issues are emerging as a result of a Health Service Executive, HSE, audit of section 38 agencies, hospitals and disability agencies. The audit is ongoing but the majority have confirmed they will co-operate with the compliant statement process. There is an ongoing process which has been well-reported in the newspapers. The HSE is confident there will be compliance.

Senator Zappone raised the issue of the “Somebody to Love” documentary screened on RTE last night and, in that context, asked for a debate on the need to review the application of criminal legislation in respect of sexual relationships for persons with intellectual disabilities. It would be a good debate to have in the House. The Law Reform Commission has made proposals in this area which could be included in the debate. I will ask the Leader to facilitate that.

Senator Norris raised the issue of a petition, of which I was not aware, concerning the US defamation laws. The petition, I think, is being put around by a particular newspaper. I certainly will not be signing it, thanks to Senator Norris’s advice.