Proposed Legislation

Dáil Éireann Debate, Tuesday - 17 February 2015

Tuesday, 17 February 2015

Questions (222)

Michael McCarthy

Question:

222. Deputy Michael McCarthy asked the Minister for Finance if he will provide an update on draft legislation relating to when a regulated financial entity sells its loan book to an unregulated entity; his views on concerns raised by the Central Bank of Ireland regarding the draft legislation only applying to the credit servicing firms, to which management of these mortgages is outsourced, rather than the vulture funds that own them and control key decisions, such as interest rates and the treatment of borrowers in arrears; and if he will make a statement on the matter. [6936/15]

Written answers

Minister for Finance

The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 was published in January and second stage of the Bill was taken in the Dáil on 4 February. 

Since then, my officials have been in contact with the Central Bank and with the Office of the Attorney General to further progress the legislation.

It remains my intention to ensure that borrowers whose loans are sold by a regulated entity to a currently unregulated entity maintain the same protections as they had prior to the sale.

The Bill will continue its progress through the legislative process and I look forward to further discussion of the Bill at Committee Stage.