Securitisation (Proceeds of Certain Mortgages) Bill, 1995

Public bill · Government · Presented

The measure would allow the State to receive money upfront by transferring future repayments from certain local-authority housing mortgages to a specially designated company. The company would raise the money by selling bonds, allowing the Government to help fund about £260 million in payments arising from a court ruling on social-security equality without relying entirely on new taxes or borrowing. Mortgage holders would continue dealing with their local authority under the same terms, while local authorities’ debts to the State would be reduced as payments were passed on. The Minister for Finance, supported by the National Treasury Management Agency, could oversee the arrangements, guarantee payments if necessary and ensure public auditing and oversight.

Formal long title

Bill entitled an Act to provide for the securitisation of certain moneys due to housing authorities and for other matters relating to such securitisation, to provide for the delegation of certain functions under this Act to the National Treasury Management Agency, to provide for the amendment of section 138 of the Finance Act, 1993, and otherwise to provide for connected matters

Last updated 9 January 2024