Seán Conlan (Cavan-Monaghan, Fine Gael) | Oireachtas source

I welcome the introduction of the Bill. It is very important that the issue that surrounded the sale of the loan book was dealt with swiftly. The Minister previously indicated that prior to the sale of a loan book he would do everything possible to ensure a voluntary code was put in place for anybody purchasing one. That was very welcome at the time.

It is very important that this issue now comes under the remit of the Central Bank and its codes. Many people have been under a lot of pressure in recent years because of the economic downturn and find it hard to pay their mortgages. Small and medium size businesses have been under severe cash-flow pressure, which has resulted in major difficulties in the past six or seven years. Thankfully, through the economic measures being pursued by the Government, economic activity is increasing and the difficulties are decreasing, as is evident nationally.

The Bill provides that borrowers will retain their existing consumer protections after the loan is sold, which is very welcome and takes away much of the uncertainty and doubt that was created due to the sale of loan books. This will in no small way go towards helping people feel confident that they enjoy those protections. On it own it will perhaps not make a huge difference to people's lives but at least it gives them an assurance that there will be serious pressure on the banks, more than would have been the case.

While I do not have much to add to what has been said by previous speakers, this is a small but welcome measure. Any measure like this that can be introduced to alleviate the pressure on both individuals and small businesses, and ensure they enjoy the protection of the Central Bank, is welcome. I wish the Minister well in introducing future measures like this which will drive forward economic growth in this country and alleviate the uncertainty that remains among households and businesses in terms of the payment of mortgages and loans.

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