Dáil Éireann Debate, Thursday - 17 July 2014
72. Deputy Michael McGrath asked the Minister for Finance if he will provide his Department's estimate, including a breakdown, of the number of residential mortgages here currently held by entities not regulated by the Central Bank of Ireland and which therefore do not have the statutory protection of the code of conduct on mortgage arrears; and if he will make a statement on the matter. [32194/14]
View answerDetails of the numbers of mortgages sold are considered commercially sensitive by the financial institutions involved. However, information from company announcements in the public domain, would suggest that between 5,000 and 10,000 mortgages in total have been sold to unregulated entities in recent years.
The Deputy will be aware that the Government intends to bring forward legislation to ensure that, where a regulated financial entity sells its loan book to an unregulated entity, the protections afforded under the Central Bank codes will continue to apply. My officials are working with the Office of the Attorney General and the Central Bank on the draft 'Consumer Protection on the Sale of Loan Books Bill'; a public consultation process on the legislative proposals will commence shortly.
