Yesterday the Central Bank confirmed that I was right in the claims I made to the Minister for Finance last week when I highlighted the fact that tens of thousands of home owners who had their loans sold to vulture funds were now exposed and unable to make complaints to the Financial Services and Pensions Ombudsman, FSPO, to receive compensation on foot of those complaints. For years, Fianna Fáil and Fine Gael - the previous Minister for Finance has just walked out - claimed that mortgage holders would lose none of their consumer protections. That was never true. It has now been confirmed by the Central Bank and the FSPO that they have lost their consumer protection, as we told the Government. We made the point last week that this loophole has to be closed down immediately. I ask that the legislation currently going through the House be dealt with to close down this loophole for these loans that should never have been sold to vulture funds and, at the very least, the mortgage holders should have the consumer protection the Government promised they would have but they do not have today.

I acknowledge that the Deputy raised this matter in the House last week when we were bringing through legislation. It is important that all consumers have equal access to the FSPO. We are engaging with the ombudsman on its interpretation of the legislation and also with legal advisers to identify a way forward so that the gap that has been identified is fixed. As the Deputy will be aware, we have 2015 legislation, which was strengthened in 2018. That was legislation I brought forward in opposition that was supported by Sinn Féin and adopted by the Government at the time to ensure loan owners were directly regulated as well. This is an issue that predates the entities that were not regulated prior to that and how that affects access of the customers of those entities to the services of the FSPO. If a legislative amendment is necessary and possible, it will be brought forward and I will revert to the Deputy.