Michael Moynihan (Cork North West, Fianna Fail)
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50. To ask the Minister for Finance if he will review the Central Bank of Ireland's code of conduct on mortgage arrears; if he will ensure that it is legally binding, procedurally fair to borrowers and that vulture funds currently unregulated here are covered by it; and if he will make a statement on the matter. [40504/14]

Ciarán Lynch (Cork South Central, Labour)
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51. To ask the Minister for Finance if he will advocate for the introduction of legislation in all EU member states to prevent vulture funds from claiming more than other lenders in the case of sovereign debt crises; if he will review the Central Bank of Ireland's code of conduct on mortgage arrears, to ensure that it is legally binding, procedurally fair to borrowers, and that vulture funds currently unregulated here are covered by it as requested by a person (details supplied); and if he will make a statement on the matter. [40511/14]

Finian McGrath (Dublin North Central, Independent)
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76. To ask the Minister for Finance the position regarding vulture funds (details supplied); and if he will make a statement on the matter. [40679/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 50, 51 and 76 together.

The Central Bank published a revised Code of Conduct on Mortgage Arrears on 27 June 2013 following approval by the Central Bank Commission and consultation with the Minister for Finance. The Central Bank has advised that it will commence a review of CCMA compliance later this year.

Where the purchaser of a loan book is not a regulated entity in Ireland, the purchaser may voluntarily apply the codes when managing the loan books. Of course, voluntary compliance is not enforceable and ultimately it is the aim of this Government to ensure the same protections are available for all consumers whose loans have been sold.

Therefore, as Minister for Finance, I am committed to bringing forward legislation that protects consumers whose mortgages are sold to unregulated entities. The Government has reiterated this commitment on several occasions. In July and August of this year, my Department undertook a public consultation process 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.

There have been recent discussions on sovereign debt restructuring at IMF level but there are no proposals at an EU level to legislate regarding the actions of so called "vulture funds" in the case of sovereign debt crises. Ireland along with all Eurozone members now includes Collective Action Clauses in the sovereign bonds it issues. Such clauses will ensure that none of the bondholders of any Eurozone member experiencing sovereign debt difficulties will be treated more favourably than others.