Brendan Griffin
Question:179. Deputy Brendan Griffin asked the Minister for Finance his plans to prevent the sale of mortgages from foreign owned banks to unregulated operators; and if he will make a statement on the matter. [7760/14]
View answerTuesday, 18 February 2014
Questions (179, 197, 235)
Michael Healy-Rae
Question:197. Deputy Michael Healy-Rae asked the Minister for Finance the action he will take to amend the law to prevent unregulated vulture funds from acquiring mortgage portfolios from Irish banks; and if he will make a statement on the matter. [8058/14]
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Michael McGrath
Question:235. Deputy Michael McGrath asked the Minister for Finance if the Central Bank has contacted his Department expressing concern that some mortgage holders may lose the protections of certain statutory codes including the code of conduct on mortgage arrears if their mortgage is sold to an entity not regulated by the Central Bank of Ireland; his views on this issue; and if he will make a statement on the matter. [8287/14]
View answerWritten answers
I propose to take Questions Nos. 179, 197 and 235 together.
I have no plans to prevent the sale of loan books to unregulated entities, regardless of the location of the owners of such entities. This matter is legally complex as it could affect contracts already entered into. It needs careful consideration. For that reason, my officials are currently examining the issue with their colleagues in the Central Bank and in the Attorney General's office. In the meantime, I understand that a number of the purchasers of mortgage loan books are abiding by the Central Bank Code of Conduct on Mortgage Arrears on a voluntary basis.