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Dáil
‹ Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation

Mortgage fund conduct and licence

Summary

Deputy Durkan criticises a fund pursuing borrowers with impaired mortgages and calls for review of its licence. The Minister says licensing is a Central Bank matter, not for Government, though such funds should be subject to the mortgage code of conduct.

Bernard Durkan Deputy Bernard J. Durkan Fine Gael

Last week, I raised and named a fund that persisted in pursuing borrowers who have so-called impaired mortgages, loans and so forth. I raised its activities and the manner in which it is putting extraordinary pressure on vulnerable people in the hope it would abate its insistence in some shape or form. Regrettably, that has not been the result. In fact, with renewed vigour, insistence and aggression, it has proceeded in the meantime. It has failed to inform third party representatives as it is obliged to do and has proceeded regardless. That leads me to call for a review of its licence. I urge the Minister to ensure that is done.

Comment on this

I thank the Deputy for raising an issue I know he has a long-standing interest in. I have constituents who have difficulties similar to those the Deputy referred to. We come across them during our public work. Their loans have been sold and are now owned by a fund or entity which they feel is adding to the challenges they face.

The licensing of those funds and organisations is handled by the Central Bank. It is not handled by the Government, the Department of Finance or any individual politician. What should be happening is that those funds should be subject to the code of conduct on mortgage arrears in the same way as any bank. The Deputy named the fund previously and I hope that his continual raising of the issue will be of some comfort to the constituents dealing with the matter.

Comment on this