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

I am not sure whether the letter the Deputy alluded to complies with the legal position. In the first instance, I invite him to contact the Governor of the Central Bank to ascertain whether it does comply with the legislation. Second, if the Deputy lists for me the difficulties with the current legislation, I will engage with him and put civil servants at his disposal to draft amending legislation. My problem is that the legislation introduced last year deals with the intermediary who contacts the borrower on behalf of the loan owner. That seemed to cover it. To make doubly sure, if the owner directs the intermediary in any way on how to proceed, the owner is subject to the legislation because his status transfers from hands-off owner to someone who is carrying out the work of the intermediary. Thus, he is caught under the legislation also.

The Deputy has raised this on a number of occasions. I invite him to write or talk to me about his precise concerns. I am amenable to introducing amending legislation to the Act introduced last year. If it needs to be extended to owners, it will be. I am at a loss and my advice is not in accord with what the Deputy is recommending. Despite that, I have sympathy with his point of view. If we could proceed on that basis, I will do so.

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