Gerry Horkan (Fianna Fail) | Oireachtas source

Senator Conway-Walsh did not address my concern that if we do not allow the banks to do some of this work and reduce their NPLs, we are restricting the amount available in the economy which can be lent to businesses and homeowners or people looking to buy houses. It is important that we acknowledge that whoever is calling the shots is regulated under the Bill. If passive investors decide they want to start calling the shots or become active in any way in calling the shots, they are regulated. The regulation will apply to those calling the shots and those looking at the loans, examining how the loans need to be satisfied and paid off and so on. This is what the Bill is trying to do. We are trying to get regulation of the credit servicing firms that are dealing with borrowers who in some cases are in distress.We are trying to ensure that happens as soon as possible. If anybody who is a passive investor gets involved and starts calling the shots, they are regulated. Some 24% of the European securitisation market is in Ireland with 1,100 people in processing jobs. Securitisation is much more than just Permanent TSB. It incorporates a broad set of financial measures and products. We are all concerned that the people are being regulated and that those, who are dealing with mortgage owners and people who have borrowed money, are regulated; that is the purpose of the Bill.

I know Sinn Féin supports it as does the Government, for which I thank them. It is important that we get the Bill passed. It is somewhat of a red herring to suggest that the passive investors can make decisions. They cannot and that is why they are passive investors. As soon as they stop becoming passive investors, they will be regulated by the Bill.