Pearse Doherty (Donegal South West, Sinn Fein)
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169. To ask the Minister for Finance when the sale of loan books to unregulated third parties Bill will be published; the aim of the Bill; and the number of mortgage holders that are likely to be affected. [7552/14]

Michael Noonan (Limerick City, Fine Gael)
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Under the category "Bills in respect of which heads have yet to be approved by Government", the Government Legislation Programme, published last month, includes a Bill to deal with the Sale of Loan Books to Unregulated Third Parties Bill.  The aim of the Bill is to provide for the application of the protections provided to mortgage holders under the Central Bank Code of conduct to loan books which have been sold by regulated financial institutions to unregulated financial institutions.  The matter is legally complex as it could affect contracts already entered into. My officials are currently examining the issue with their colleagues in the Central Bank and the Attorney General's office. In the meantime, I understand that a number of the purchasers of mortgage loan books are abiding by the code on a voluntary basis.