14.—(1) A housing authority or the Housing Finance Agency plc may, with the consent of the Minister, or, where the Minister so directs, shall, on such terms and conditions as may be approved of by the Minister and the Minister for Finance, transfer, sell or assign some or all of the mortgages held by the authority or the Agency, as the case may be, in respect of loans made under the Housing Acts, 1966 to 1992, or the Housing Finance Agency Acts, 1981 to 1992.

(2) The proceeds of the transfer, sale or assignment of mortgagesby a housing authority or the Housing Finance Agency plc under this section shall be used for such purposes as the Minister may, with the consent of the Minister for Finance, direct.

(3) A housing authority may make joint arrangements with other housing authorities or the Housing Finance Agency plc for the transfer, sale or assignment of mortgages under this section.

(4) The transfer, sale or assignment of mortgages under this section by a housing authority shall, unless it is the subject of a direction by the Minister, be a reserved function.