Dáil Éireann Debate, Thursday - 3 July 2014
22. Deputy Pearse Doherty asked the Minister for Finance the timeframe for the implementation of the sale of loan books to unregulated third parties Bill; and his views on whether the Bill will be in force before the proposed sale of some of the loan books at PTSB. [28489/14]
Amharc ar fhreagraThe Department of Finance is currently preparing the Sale of Loan Books to Unregulated Third Parties Bill. This will address concerns surrounding the continued applicability of the Code of Conduct on Mortgage Arrears after the sale of loan books to unregulated entities. Detailed engagement with the Attorney General's office and the Central Bank on draft legislation has now commenced. I have always made it clear that this is a complex issue. The Bill is listed for publication in 2015 however, it is intended that the legislation will be commenced as soon as possible.
The Government has always been clear that we would ensure mortgage holders maintained the protection of the CCMA. The two unregulated purchasers to date of residential mortgage loans from IBRC, Loan Star and Oaktree, have both voluntarily committed to servicing these books in accordance with the terms of the CCMA. The Irish company which is buying ICS mortgages has said that it will apply the relevant codes of conduct and that it has applied to the Central Bank of Ireland for authorisation.
Permanent TSB have committed to ensuring that any sale prior to enactment of this legislation, will be to a purchaser that voluntarily signs up to CCMA.
