Noonan plays down opposition claims on mortgage dangers

The finance minister has attacked opposition TDs for claiming that up to 18,000 mortgage holders could find themselves without consumer protection.

Michael Noonan says former Irish Nationwide customers, whose mortgages are now being sold by IBRC, have no reason to worry.

His comments come after Fianna Fáil claimed that the loans could be sold abroad - leaving customers without protection from the Central Bank.

He says putting extra terms and conditions on the loans would lower their sale value - but that mortgage holders don't need to worry:

"I would ask people not to be trying to frighten people who have mortgages in Irish Nationwide and IBRC," he said.

"Of course they're frightened - because they're being wound up by a number of [TDs]… who are stating very exaggerated positions, and they're deliberately trying to frighten people so that they can get headlines in the paper."

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