Dáil Éireann Debate, Tuesday - 18 December 2018
134. Deputy Pearse Doherty asked the Minister for Finance if the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2018 will regulate a company (details supplied); if securitisations similar to that in a bank will regulate the owners of the credit; and if he will make a statement on the matter. [52741/18]
Amharc ar fhreagraThe Bill to which the Deputy refers is a Private Member's Bill, which is being supported by the Government. It has not yet completed its passage through the Seanad.
Responsibility for the implementation of the Bill, when enacted, will be a matter for the Central Bank of Ireland. How the legislation would operate in relation to a specific company will depend on exactly how the company operates. The Bill provides for three newly regulated activities:
- holding legal title to credit granted under the credit agreement;
- determination of the overall strategy for the management and administration of a portfolio of credit agreements; and
- maintenance of control over key decisions relating to such portfolio.
If any entity undertakes any of these activities after the enactment of the Bill, then it will require to be regulated by the Central Bank.
