Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I speak in support of Deputy Pearse Doherty's amendment. We discussed this issue at some length on Committee Stage, at which time I welcomed the Minister's commitment to bring forward the legislation promised by the Government at an earlier date than 2015, the date provided for in the Government's legislative programme. He said it would be much sooner than this and I hope the Government will bring forward the legislation without delay. Governor Honohan recently attended a meeting of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform and said he was not happy with the current position on mortgage holders whose mortgages were sold to unregulated entities. He clearly wants this issue to be dealt with and I know that the Central Bank has raised its concerns directly with the Government. In view of the fact that all of the IBRC mortgages are now likely to be sold to unregulated entities, this is an urgent issue. I hope the Minister can update the House on the stage the legislation is at and when we can expect to debate it. The bottom line is that mortgage holders whose mortgages are sold to unregulated third parties, notwithstanding any commitment to voluntarily sign up to the code of conduct, are left exposed and in a vulnerable position, particularly if they get into difficulty with their mortgage. They do not have the statutory backing of the CCMA, which position is unacceptable. The issue must be dealt with, which is why my party is supporting the amendment.

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