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Dáil
‹ Order of Business

INBS mortgage-holder protections

Summary

Deputies seek urgent protection for 13,000 Irish Nationwide mortgage holders before the loan book is sold, including legislation governing sales to unregulated institutions. The Tánaiste says the Bill is expected in 2015 but the Finance Minister and Central Bank are working to prevent borrowers being disadvantaged.

I refer to the 13,000 Irish Nationwide Building Society mortgage holders. What legislation is being put in place-----

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Seán Barrett An Ceann Comhairle Fine Gael

The Deputy cannot raise that on the Order of Business. He should table a Topical Issue matter. I would be only too pleased to consider it.

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Legislation is needed to protect these people. Their loans are being sold off to the highest bidder and they could be bought by an international company with no protection for them.

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Seán Barrett An Ceann Comhairle Fine Gael

The Deputy cannot do this on the Order of Business. He should table a Topical Issue matter and I will deal with it. I call Deputy Hannigan.

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There is legislation. It is No. 83 on the list.

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Seán Barrett An Ceann Comhairle Fine Gael

I do not know what is No. 83 on the list.

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The Bill is on the legislative programme.

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Seán Barrett An Ceann Comhairle Fine Gael

Which Bill?

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It is the Bill to protect loan books that are sold by regulated institutions to unregulated institutions. It is due for publication in 2015.

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Seán Barrett An Ceann Comhairle Fine Gael

I did not know that.

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The appropriate question is: will the Government ensure the Bill is brought forward because of the sale of the INBS loan book and those of other banks?

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Seán Barrett An Ceann Comhairle Fine Gael

That is grand. There is no point getting excited. The Deputy should just mention the legislation. That is all I ask.

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The expected publication date of the Bill to which Deputy Doherty referred is 2015.

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That will be too late.

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The loans will be sold next month.

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Seán Barrett An Ceann Comhairle Fine Gael

The Deputy should listen to the reply.

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The issue is the sale of the loan book will take place long before that and that is why the Minister for Finance is working on this with the Central Bank in order that the mortgage holders concerned will not be put in a worse situation as a result of the sale.

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It could not be worse.

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The Government is concerned about the position of the mortgage holders. It is being examined and I expect it will be dealt with.

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