Sale of loan books to unregulated firms
Deputies raise concerns about inconsistent treatment after loan books are sold, particularly potential sales of SME loans, and seek legislation regulating sales to unregulated third parties. The Tánaiste expects it later in the session.
A number of lending agencies have had their loan books sold to third parties, some of which are regulated and others of which are not. Following this sale, there appears to be a difference in the procedure being followed which does not appear to be in accordance with the guidelines laid down by the Department of Finance and the Central Bank, as well as the Taoiseach and the Tánaiste in this House. Can the Tánaiste indicate when the relevant legislation governing the sale of loan books to unregulated third parties will be introduced?
Comment on this
On the same issue, one such lending institution that is engaged in this process has announced recently it is contemplating the sale of loans it had extended to small and medium-sized enterprises. This is causing much concern and anxiety to some of the small businesses concerned. On the same lines as Deputy Durkan, when is publication of that legislation on the sale of loan books to unregulated third parties expected?
