Loan-book sale protections
Seán Ó Fearghaíl urges the Government to bring forward legislation protecting mortgage holders when loan books are sold to unregulated parties. The Tánaiste says the matter is being addressed urgently and purchasers are applying the mortgage-arrears code.
The Tánaiste expressed concern about, and interest in, the plight of INBS and IBRC mortgage holders and he indicated work is being done with the Central Bank to address this.
Why will the Government not bring the publication of the sale of loan books to unregulated third parties Bill forward from 2015? It appears this legislation could offer practical assistance to the people to whom I refer. In the past the Government demonstrated its ability to bring forward legislation as a matter of urgency. Why is this legislation not a matter of urgency?
Comment on this
The preparation of the Bill is obviously a matter for the Minister for Finance. As stated previously, the concerns of mortgage holders are being dealt with by the Government as a matter of urgency in any event. The mortgage books of two institutions have already been sold. In both cases the purchasers are applying the code of conduct relating to mortgage arrears. Work has already been done on this matter.