That is completely irrelevant.
Ulster Bank gave her a mortgage. They presumably had to give Pepper a big discount because of the difficulty Pepper would face repossessing the house.
We need to have an adult conversation.
Banks should not rip off people.
But by the same token, courts should not rip off banks.
Both are wrong.
Brendan
Brendan as a PIP Its not irrelevant,its the exact reason why it can be done. The Court views Pepper as an investor. Investments can go up and down. Theres no cost of funds here as its an Investment Fund. A lower rate simply reduces the profit
And its not me saying that Judge Marie Baker now in Supreme Court determined this many years ago
The Purpose of the Act is
AN ACT TO AMEND THE LAW RELATING TO INSOLVENCY, TO AMEND THE BANKRUPTCY ACT 1988, TO PROVIDE FOR THE ESTABLISHMENT AND FUNCTIONS OF A BODY TO BE KNOWN AS SEIRBHÍS DÓCMHAINNEACHTA NA hÉIREANN OR, IN THE ENGLISH LANGUAGE, THE INSOLVENCY SERVICE OF IRELAND, AND, IN PARTICULAR, IN THE INTERESTS OF THE COMMON GOOD (INCLUDING THE STABILITY OF THE FINANCIAL SYSTEM IN THE STATE)AND HAVING REGARD TO THE FOLLOWING OBJECTIVES—
(
a)THE NEED TO AMELIORATE THE DIFFICULTIES EXPERIENCED BY DEBTORS IN DISCHARGING THEIR INDEBTEDNESS DUE TO INSOLVENCY AND THEREBY LESSEN THE ADVERSE CONSEQUENCES FOR ECONOMIC ACTIVITY IN THE STATE,
(
b)THE NEED TO ENABLE CREDITORS TO RECOVER DEBTS DUE TO THEM BY INSOLVENT DEBTORS TO THE EXTENT THAT THE MEANS OF THOSE DEBTORS REASONABLY PERMITS, IN AN ORDERLY AND RATIONAL MANNER, AND
(
c)THE NEED TO ENABLE INSOLVENT DEBTORS TO RESOLVE THEIR INDEBTEDNESS (INCLUDING BY DETERMINING THAT DEBTS STAND DISCHARGED IN CERTAIN CIRCUMSTANCES) IN AN ORDERLY AND RATIONAL MANNER WITHOUT RECOURSE TO BANKRUPTCY, AND TO THEREBY FACILITATE THE ACTIVE PARTICIPATION OF SUCH PERSONS IN ECONOMIC ACTIVITY IN THE STATE