Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

It is important to acknowledge that there is a range of protections already in place for mortgage holders and borrowers. For example, even if a loan is sold on, the full contractual rights are retained and follow on to the new owner. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 was designed to protect borrowers whose loans are sold on to unregulated entities. Under this Act, either purchasers of the loan book must be regulated by the Central Bank or the loans must be serviced by a credit servicing firm that is regulated by it. To answer the Deputy's earlier question, a view was taken at the time that as the purchaser or its agent had to be registered by the Central Bank, it was not necessary to require that the purchaser be regulated by the bank in all instances.

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