Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Bill to which the Deputy refers is listed in the legislative programme, published last month, under the category "Bills in respect of which heads have yet to be approved by Government".  The purpose of the Bill is to provide for the application of the protections provided to mortgage holders under the Central Bank's CCMA to loan books which have been sold by regulated financial institutions to unregulated financial institutions.  The matter is legally complex as it could affect contracts already entered into, and so needs careful consideration. For that reason, my officials are currently examining the issue with their colleagues in the Central Bank and the Attorney General's office. In the meantime, I understand that a number of the purchasers of mortgage loan books are abiding by the code on a voluntary basis.  As the Deputy is aware, the code confers certain protections on distressed borrowers when dealing with lenders and sets out a clear framework for dealing with cases in arrears.

I also understand that Deputy Michael McGrath has put forward a Private Members' Bill with a similar intent.  I look forward to discussing that Bill when it comes before the House.

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