Permanent TSB is in the process of selling €1.3 billion worth of mortgage loans to a vulture fund, Glenbeigh Securities. No one knows who owns the fund. It is completely secret having only been established one month ago. A key issue is that this is now tax free, as it is a section 110 company with charitable status. Despite the fact that the loophole in the Finance Acts 2016 and 2017 was closed, the fund is telling its investors it has found a way around it because Permanent TSB holds a small portion of the economic interest. Will the Taoiseach bring forward emergency legislation to close the loophole that a company holding €1.3 billion of Irish property has found a way around?

The Central Bank (consolidation) Bill is promised legislation. Might it be possible to introduce in the Bill provisions to address not only the matter raised by Deputy Pearse Doherty but also a number of other vulture funds operating with consequences for our constituents nationally?

As I understand it, companies will pay tax where they are resident but I had the opportunity to watch Deputy Pearse Doherty's exchange at the finance committee with an official from Permanent TSB.

I brought that to the attention of the Minister for Finance. If there is a loophole which somebody is exploiting, we will close it if we can. The Minister is examining the matter.