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

This is part of the restructuring of Bank of Ireland which was agreed with the European Commission several years ago and it is the last piece of it that is now being put in place. It is not a move of a mortgage book into the unregulated sector. As Dilosk Limited has said in its website, it has confirmed that it has applied for authorisation from the Central Bank in Ireland to operate as a retail credit firm. In addition, Dilosk Limited has confirmed that it intends to comply with all the relevant regulatory codes applicable to mortgage lending, including the code of contact for mortgage arrears. Therefore, it is a transfer of ownership of a mortgage book to the value of €250 million but it should not affect the holders of the mortgagees in any way whatsoever. They will just continue to trade according to the terms of their contract and it is regulated by the Central Bank.

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