Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Yesterday the Central Bank confirmed that I was right in the claims I made to the Minister for Finance last week when I highlighted the fact that tens of thousands of home owners who had their loans sold to vulture funds were now exposed and unable to make complaints to the Financial Services and Pensions Ombudsman, FSPO, to receive compensation on foot of those complaints. For years, Fianna Fáil and Fine Gael - the previous Minister for Finance has just walked out - claimed that mortgage holders would lose none of their consumer protections. That was never true. It has now been confirmed by the Central Bank and the FSPO that they have lost their consumer protection, as we told the Government. We made the point last week that this loophole has to be closed down immediately. I ask that the legislation currently going through the House be dealt with to close down this loophole for these loans that should never have been sold to vulture funds and, at the very least, the mortgage holders should have the consumer protection the Government promised they would have but they do not have today.

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