Paschal Donohoe (Dublin Central, Fine Gael)
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The Chairman put a number of points to me. The issue he referred to is one of the reasons I have asked the Central Bank to oversee an assessment of the implementation of the code of conduct on mortgage arrears. The Chairman has raised this matter with me every time I have appeared before the committee. Even though I have a set of statistics showing that the performance of funds that buy loans is no different than traditional banks owing those loans, individual issues have been raised with me at a frequency that has led me to decide to ask for the code of conduct to be reviewed. That is how I am trying to identify the scale of the issue and whether it merits a response.

Regarding the appearance of funds before the committee, anyone to whom it writes should appear before it. The Central Bank has done what the committee asked it to do.

As the Chairman knows, I am working with Deputy Michael McGrath on implementing legislation that he has drafted on the regulation of funds that operate loans within our jurisdiction.