Billy Timmins (Wicklow, Independent)
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243. To ask the Minister for Finance the position regarding former customers of all institutions with mortgages transferred to the Irish Bank Resolution Corporation, now in liquidation, who are concerned about what the future holds for them regarding the sale of their loans; the current position on the code of conduct on mortgage arrears that has been applied to the purchasers of these loans in order that the mortgage holders will have protection; and if he will make a statement on the matter. [40339/14]

Michael Noonan (Limerick City, Fine Gael)
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In relation to mortgage loans previously sold by IBRC, the Special Liquidators sought and received the agreement of bidders and the ultimate purchasers of IBRC mortgage loans to voluntarily comply with the terms of the Code of Conduct on Mortgage Arrears. I understand that these mortgages are currently being serviced in line with those terms.

In relation to all remaining unsold residential mortgages in IBRC, the Special Liquidators have devised a further sales process (which is referred to as Project Pearl) so as to maximise the return to all remaining creditors of IBRC, including the State. This new sales process is currently underway and is expected to be completed before 31 December 2014.

The Department of Finance has prepared the Sale of Loan Books to Unregulated Third Parties Bill in order to address concerns surrounding the continued applicability of the Code of Conduct on Mortgage Arrears after the sale of loan books to unregulated entities. Detailed engagement with the Attorney General's office and the Central Bank on draft legislation has commenced and in July and August of this year, my Department ran a public consultation seeking views on its proposed legislation to protect consumers whose loans are sold to unregulated entities. The Department of Finance received 18 submissions from a range of respondents from the financial services industry, consumer groups, public representatives and individuals and other stakeholders.

Officials in my Department are carefully considering the submissions and it is anticipated that legislation will be published by the end of this year.