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

I am not sure if the Minister is aware that unregulated loan owners, so-called vulture funds, have refused to engage with the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach. The committee will write to the Minister shortly and we will put a motion before the House on the matter. Is the Minister satisfied with the situation where the loan owners remain beyond regulatory reach? They are the parties which make all the key decisions around loans, such as on the interest rate or whether to take legal proceedings, enforcement action or appoint a receiver. It is not the credit servicing agency that does this as that is just a call centre. It is the loan owner which makes all the big calls but they are beyond the reach of the regulator and, it would seem, the Oireachtas too.

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