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

This directive will not substantially change the existing domestic regulatory framework governing loan sales, other than in the case of loans falling within scope, that is, non-performing loans sold by a bank to a non-bank from 30 December 2023. The purchaser of such loans will not now have to be authorised by the Central Bank or by a comparable competent authority in another member state. However, the credit servicer of such loans will have to be authorised and will have to comply with all consumer protection requirements. Therefore, the borrower will continue to maintain all the consumer protections following the loan sale. It should be noted that pursuant to the Consumer Protection (Regulation of Credit Servicing Firms) Acts of 2015 and 2018, any entity which requires or services a residential mortgage loan now falls within the regulatory scope of the Central Bank, either as a credit institution, a retail credit firm or a credit servicing firm. I will respond further in a moment.

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