Brian Cowen (Laois-Offaly, Fianna Fail)

The Deputy is aware that this area of the market accounts for just 2% of the Irish mortgage market, compared to about 15% in the United States. She is also aware that as regards lending in the market and taking steps to improve the situation for borrowers, people lending in the area uphold basic standards. Section 19 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007, which was recently enacted, amended Part V of the Central Bank Act 1997 to provide for a system of authorisation and regulation of retail credit firms and home reversion providers. The primary purpose of the amendment was to extend to customers of these firms the benefits and protections provided for in the Financial Regulator's consumer protection code. This provides a line of redress to those treated wrongly by any of these providers.

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