Dáil Éireann Debate, Tuesday - 21 May 2019
203. Deputy Michael McGrath asked the Minister for Finance if there is a legal obligation set out in legislation or in the codes of the Central Bank on a lender to transfer all documentation pertaining to the loan when that loan is sold to another party; if there are data protection considerations in relation to this matter; and if he will make a statement on the matter. [21990/19]
Amharc ar fhreagraI am advised by the Central Bank that while there is no specific provision in the Central Bank’s codes which requires that a full file be received by the loan purchaser from the original lender, the General Principles of the Central Bank’s Consumer Protection Code 2012 provide that “a regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market” and that “a regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it acts with due skill, care and diligence in the best interests of its customers”.
In this regard, the Central Bank expects that sufficient due diligence, including exchanging sufficient information and information setting out specific commitments made to consumers, must be both facilitated by the firm selling/securitising loans and conducted by the firm purchasing or servicing the loans.
Any data protection considerations would be a matter for the Office of the Data Protection Commissioner.
