Dáil Éireann debate -
Tuesday, 18 Feb 1997

Vol. 475 No. 1

Written Answers. - Mortgages Securitisation.

Trevor Sargent

Question:

104 Mr. Sargent asked the Minister for Finance if he intends to recoup the expenses involved in paying arrears in respect of the equal treatment directive through the proceeds of the securitisation of local authority home loans to the Union Bank of Switzerland; if this matter will be finalised between the parties, including the Union Bank of Switzerland, in advance of the publication of the report of the Swiss Government appointed Nazi Assets Task Force; and if he will make a statement on the matter. [4275/97]

Trevor Sargent

Question:

105 Mr. Sargent asked the Minister for Finance if he intends to finalise the arrangements whereby local authority mortgages are to be securitised to the Union Bank of Switzerland in advance of any findings that may emerge in respect of the Union Bank of Switzerland arising from the work of the Swiss Government appointed Nazi Assets Task Force; and if he will make a statement on the matter. [4276/97]

Minister for Finance (Mr. Quinn)

I propose to take Questions Nos. 104 and 105 together.

As provided for under the Securitisation (Proceeds of Certain Mortgages) Act, 1995, certain moneys due to local authorities were securitised with the first issue of bonds in 1995 and a further issue in 1996. The funds raised by these issues paid the arrears owed to women under the EU Directive on equality of treatment in social security payments.

The securitisation was managed by the National Treasury Management Agency (NTMA). Union Bank of Switzerland was contracted by the NTMA to act as adviser and underwriter to the securitisation. UBS was paid a fee for its services. No fees remain outstanding to UBS in relation to securitisation.