Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

As I have said consistently, there is some merit in the Bill and it contains elements which are important and which we support. On that basis, we are better having the legislation on the Statute Book than not. However, some issues should have been incorporated during the debate and we may return to those issues through further legislation, maybe from our side of the House. The issues are vulture funds which want to buy a loan in order to own an asset, walk in and close it down after seven days or at very short notice. The legislation should have provided for people whose loans are being sold at a discount to be given first opportunity to buy or to be made aware of it. Amendment No. 7 was defeated. Even if the owner of a loan is regulated, a credit servicing firm where there is an exclusive arrangement should be regulated. We may draft Private Members' Bills on those particular aspects. While there are some defects in the legislation, it is better to have it on the Statute Book than not.

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