Dáil Éireann Debate, Thursday - 22 June 2023
208. Deputy Ged Nash asked the Minister for Finance the reasons the Government plans to transpose the credit servicers directive by statutory instrument, and not primary legislation; if the Government is making efforts to have the trading of mortgages explicitly excluded from the terms of the directive; and if he will make a statement on the matter. [30397/23]
View answerThe negotiations on the scope of the Credit Servicers Directive have been concluded. It provides for a common EU framework for the transfer and management of bank-originated non-performing loans, including mortgages, which are transferred or sold after 29 December 2023.
The Directive provides for an EU-wide regulatory arrangement for both the purchasers and servicers of such credit agreements and in particular provides for a new EU authorisation framework for ‘credit servicers’ to be overseen by national competent authorities, which in the case of Ireland will be the Central Bank of Ireland.
Any entities authorised under this framework will have the right to passport credit servicing activities across the EU based on a home Member State authorisation.
Officials in my Department are engaging with the Attorney General's Office on the transposition of the Directive which must be concluded by 29 December 2023.
It is proposed to do so by way of a Ministerial regulation made under the European Communities Act 1972, subject to meeting the legal requirements for this process.
