Seanad debates

Wednesday, 5 December 2018

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2018: Second Stage

 

10:30 am

Photo of Rose Conway WalshRose Conway Walsh (Sinn Fein) | Oireachtas source

The Bill does not protect homeowners and this is what we need to discuss. Even if passed, there is still much to do. An impression is being given that because of this legislation, which is important in that it brings us a step forward, somehow these homeowners will be protected. They will not be protected and this message needs to go out loud and clear. It does not give them any additional protection under the Code of Conduct on Mortgage Arrears, CCMA., the consumer protection code or from the vultures repossessing their homes.

The core issue remains the sale of the mortgages by State owned banks to vultures. Many of the properties involved are primary residences or have tenants in them. The problem at its core is that vultures have only a short-term interest. When the legislation is passed, it will not make a difference to the homeowners. There is no additional requirement on the vultures, in particular to offer any of the options under the CCMA.

The Bill does what it says on the tin. It basically states that if the vultures step out of line and do not comply with the code of conduct, the Central Bank can prosecute them, but it does not provide any protection. This is why I plead with Fianna FáiI to use the weight it has in supporting the Government to ensure that continued sales do not go through.

We have a choice as to whether we believe it is acceptable for a bank, especially a bailed-out bank, to pass the buck and to absolve itself of its responsibilities. As always, Sinn Féin says "No" to vultures. A little additional layer of regulation is not the answer but we still support this Bill.

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