Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There is a consumer code on mortgage arrears, CCMA, which is set down by the Central Bank. The practices the Deputy describes and that are known to him personally would be in breach of that code. In the Bill we are extending its protection to the unregulated entities. Once we have passed the legislation and the President has signed it, the CCMA's protection will extend to the persons whom the Deputy describes as being arbitrarily and offensively dealt with by their mortgage owners. The code offer clear consumer protection. That is the purpose of the Bill. We want to ensure the code which is effective, as laid down by the Central Bank, will still apply to loan books sold on from regulated to unregulated entities. The Bill will be effective in doing this.