Rose Conway Walsh (Sinn Fein) | Oireachtas source

My concerns remain. They are genuine concerns. Can the Minister of State answer the question now about whether Glenbeigh will be regulated as part of this Bill? Will it be regulated? My understanding is it will not as part of the Bill. We are leaving a loophole that will come back to bite us. The fact it will be administratively over-burdensome should not be reason to fail to address that loophole. We are trying to put the responsibility on the people who benefit from all of this. We need to be careful in what we do. I support the Bill but we would be failing in our duty as the main Opposition party if we were not to point out the loophole. I cannot see the difference between the securitisation and the selling off to vulture funds. There is a six-month period but the end result is the same. The end result will not be any different. I refer to the machinations in terms of the different levels of companies and organisations that are involved in all of this. At the end of the day, we have responsible homeowners, particularly the 6,000 we talked about in connection with PTSB whose mortgages are being sold off, and they are losing out. We are doing it so we can make the banks look better in all of this yet we have a company that is one step removed. We do not know who the owner is. We do not know where the owner is based. We know nothing about the owner yet we are leaving the loophole there which means he or she will not be held to account and that is concerning. I do not know if there is another route we can go down. We do not want to stop the Bill going through. I ask the Minister of State's advice on how this loophole can be addressed. I put on record the concern of the Sinn Féin Party about leaving things the way they are for Glenbeigh and its likes.