Professor Philip Lane:

The restructuring of the Irish banking system has in part been through the disposal of assets, be they disposals of bank loans or disposals done through the NAMA mechanism. Such disposals form part of how a financial system recovers from a crisis. In parallel, it must be recognised that the disposal of loans to non-bank institutions carries the responsibility to ensure that similar requirements are imposed on the new owners. The credit servicing Act is fundamental to this, in that it gives extensive protection to individuals. Investment firms must, through their credit service providers, comply with the extensive CCMA.