Kieran O'Donnell (Fine Gael) | Oireachtas source

Who will regulate the funds if the directive is implemented through the whole EU? The EU Commission has stated:

The proposed Directive defines the activities of credit servicers, sets common standards for authorisation and supervision and imposes conduct rules across the EU. It means that operators respecting those rules can be active throughout the EU without separate national authorisation requirements.

The issue that comes up all the time with the committee, and on which members and the committee clerk have spent an inordinate amount of time, is trying to get representatives from the credit servicing firms to appear before the committee. I looked at the lists and see they are either on holidays or they are sick, and some of the other reasons they come up with are amazing. Sometimes no reason is given; one response was that some of the senior members of the team who focus on this area were unable to attend. Another stated that he was out of the country on business. It is just not good enough. The members of this committee have a representational role. We meet people who deal with the funds and the credit servicing firms. These people feel they are not being given due process. If a regulation comes in under an EU directive, what comfort can people get from it and how will it differ from what we have now? Who will regulate the funds and who will regulate the credit servicing providers? What form will this regulation take? How different is it to what is already in place in Ireland?