Oireachtas Joint and Select Committees

Wednesday, 3 December 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion

2:40 pm

Mr. Declan Reid:

As Mr. Mac Donncha mentioned, the exact same protections from which someone who has borrowed from AIB would benefit today, with respect to their interest rates, will apply if that person's loan is sold to a third party that is unregulated or is not a bank. A new owner and servicer would be obliged to provide the exact same level of protection to the consumer that the bank currently provides.

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