Dáil Éireann Debate, Tuesday - 2 December 2014
220. Deputy Derek Nolan asked the Minister for Finance if he will provide an update on proposed legislation pertaining to consumer protection mortgages and the requirement for said mortgages to be regulated by the Central Bank of Ireland; if there is a timeframe proposed for this legislation to be enacted; and if he will make a statement on the matter. [46248/14]
View answerIn order to protect consumers whose loans are sold to unregulated entities the Government is committed to bringing forward appropriate legislation and in July and August of this year the Department of Finance ran a public consultation seeking views on this proposed legislation. There have been nineteen submissions received from a range of respondents including the financial services industry, consumer groups, public representatives, individuals and other stakeholders. The submissions are now accessible on the Department's website:
http://www.finance.gov.ie/what-we-do/banking-financial-services/consultations/responses-public-consultation-process-consumer
Officials in my Department have carefully considered the submissions and are working with the Office of the Attorney General to progress this legislation. My officials will meet with and brief the Joint Committee on Finance and Public Expenditure and Reform about the legislation on 3 December next. It is anticipated that it will be published by the end of this year.
