Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It has been noted that these vulture funds and debt collection servicing credit agents will operate under different legal traditions and consumer protection codes. It is clear that this directive will have a greater impact on poor households. There is every possibility that Irish households could see decisions made about their loans being made by vulture funds that are not registered in EU member states. That is the position the Minister has just outlined. We have seen the disastrous consequences of the sale of mortgage loans to vulture funds. These consequences have been made clear in recent years with households facing aggressive interest rate hikes by vulture funds that they would never have seen with main street lenders. It is crucial that the non-performing loan market is not further expanded to the detriment of consumers and vulnerable customers. That is what the directive will do. It will allow for other non-regulated entities to purchase these loans outside of the European Union. That is an issue that the finance committee will consider in the coming weeks at my request. What assurance can the Minister give that the transposition of this directive will not see a further weakening of consumer protection?

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