Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank Senator Cullinane and other Senators for their broad based support for the Bill. We are all united on what we are trying to do, that is, provide a level of protection which they do not have today to mortgage holders whose mortgage books have been sold, and that is what we need to get on with doing.

I do not just believe that the amendment is unnecessary. Rather, it would inadvertently weaken consumer protection for the technical reason I have outlined to the House. Some owners of credit are, in effect, special purpose vehicles, and if they were to outsource credit servicing there could be lacuna in the law. I am not being difficult by not wishing to accept the amendment. My decision is based on extensive consultation with the Central Bank. We believe this is the best way to proceed, from a belt-and-braces point of view, to ensure that the consumer is protected.