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

My central point is that the owner of the loan not being regulated exposes the borrower to potential risk in that all the important decisions around the restructuring and calling in of the loan and the initiating of enforcement proceedings are taken by the owner of the loan, which is typically a non-regulated entity or vulture fund. This is the case for tens of thousands of mortgages and SME loans which have been sold by way of portfolios. While the intermediary firm, the contact point the borrower has - in the case of residential loans it is typically Pepper, for example - is regulated, it is not making the final decisions and calling the shots. This exposes the borrower to potential risk. The Free Legal Advice Centres, FLAC, highlighted this very clearly in its submission on the legislation when it was passed. I will engage with the Minister's officials. There is an issue. The programme for Government commits to asking the central Bank and Oireachtas Committee on Housing and Homelessness to examine the legislation. I would welcome that.

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