Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The main reason for regulating as credit servicing firms is that the new EU rules on credit servicing are being developed and we do not want to deviate too far from this development where there is interaction between the Commission, the ECB and the Central Bank of Ireland. That is why it is a good opportunity for us to have Committee Stage now. We can see how potentially they will impact upon the new rules and have a look again on Report Stage.

It is not light touch, but we also want to ensure that we do not deviate too far. That is why we are doing it in this manner.