John Browne (Wexford, Fianna Fail)
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287. To ask the Minister for Finance the way the EU directive on agreements for consumers relating to residential immovable property is to be transposed into Irish law; the timescale for this to happen; and if he will make a statement on the matter. [34274/14]

Michael Noonan (Limerick City, Fine Gael)
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The EU Directive on credit agreements for consumers relating to residential immovable property , commonly known as the Mortgage Credit Directive, was formally adopted on 4 February 2014.

This Directive aims to create a European Union-wide mortgage credit market with a high level of consumer protection. It applies to both secured credit and home loans.  Ireland is required to transpose its provisions into national law by March 2016.

My Department is currently conducting a public consultation on the Directive. This consultation will assist the decision making process in relation to provisions in the Mortgage Credit Directive where Member State's discretion is provided for.  The consultation document is available at

The decision on the mechanism for transposition, whether through Statutory Instrument or through  primary legislation, will be made following legal advice and analysis of feedback from the consultation process.