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

This question relates to business loans, as opposed to mortgages. I have previously raised with the Minister the issue of the owners of loans, in some cases vulture funds, not needing to be regulated. The legislation of last year, to which the Minister referred, requires a credit servicing firm as an intermediary to be a regulated entity. My concern is that the large portfolios of loans bought by these funds from NAMA, IBRC and departing banks are now going to wash themselves out. They will be sold on, sold on again and sold on again and we will have no idea of who will end up owning the loans. That is the specific issue, on which I will elaborate in a moment.

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