IBRC liquidators face Finance Committee quizzing

IBRC liquidators face Finance Committee quizzing
David Hall of the Irish Mortgage Holders Organisation

Representatives from the Department of Finance and IBRC liquidators will face questions today on the sale of the IBRC residential loan book.

They will be appearing before the Oireachtas Finance Committee as concerns mount over the affect the sale will have on mortgage holders.

Some 13,000 mortgages from Irish Nationwide will be sold off to a successful bidder.

Last night it was confirmed that a deal had been reached between the liquidators and bidders of the loans that they would abide by the Central Bank's code of conduct in relation to mortgage arrears.

David Hall of the Irish Mortgage Holders' Organisation says the way the transaction has been handled sets a dangerous precedent.

"Any emergency legislation that has been introduced has been done so to protect banks," Mr Hall said.

"It is now time that legislation be introduced to protect consumers and mortgage holders that are affected by (the sale of) this book.

"And let's be clear - this is just a monumental precedent that could have a major implication for AIB, EBS and Permanent TSB customers in the future."

Chair of the Oireachtas Finance Committee Ciarán Lynch meanwhile also said there are a number of other issues he wants clarified at today's meeting.

"Ultimately the issue is about people who have been members of IBRC, or the Irish Nationwide bank (and) who have been in performing mortgages having the surety that their situation is not made more adverse or more difficult by the sale fo the bank," Deputy Lynch said.

"And also of concern (are) those people who may be in resolution processes at this point in time finding that that resolution process may fall apart under a new owner."

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