Billy Timmins
Ceist:185. Deputy Billy Timmins asked the Minister for Finance the position regarding the sale of mortgages (details supplied); and if he will make a statement on the matter. [44205/14]
Amharc ar fhreagraTuesday, 18 November 2014
Ceisteanna (185)
Freagraí scríofa
Where the purchaser of a loan book is not a regulated entity in Ireland, the purchaser may voluntarily apply the consumer protection codes when managing the loan books. Of course, voluntary compliance is not enforceable and ultimately it is the aim of this Government to ensure the same protections are available for all consumers whose loans have been sold.
In 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. It is anticipated that it will be published by the end of this year.