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

What happened was that a number of purchasers of mortgage books complied voluntarily with the code of practice. If that is the precise question the Deputy wants answered, that means they willingly subjected themselves to the regulations and protocols being operated by the Central Bank in respect of regulated entities. We are now putting that on a statutory basis. We had very good discussions on Committee and Report Stages in the House and it is going on now to the Seanad. We hope to have it implemented fully before the recess. It applies to all loan books acquired by an entity purchasing a mortgage book. It applies to all mortgages.

See this speech in context