Michael McGrath (Cork South Central, Fianna Fail)
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53. To ask the Minister for Finance when legislation will be enacted to protect mortgage holders whose loans have been bought by unregulated third parties; and if he will make a statement on the matter. [45487/14]

Michael Noonan (Limerick City, Fine Gael)
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In order to protect consumers whose loans are sold to unregulated entities the Government is committed to bringing forward appropriate legislation and in July and August of this year the Department of Finance ran a public consultation seeking views on this proposed legislation.  There have been nineteen submissions received from a range of respondents including the financial services industry, consumer groups, public representatives, individuals and other stakeholders. The submissions are now accessible on the Department's website:



Officials in my Department have carefully considered the submissions and are working with the Office of the Attorney General to progress this legislation. My officials will meet with and brief the Joint Committee on Finance and Public Expenditure and Reform about the legislation on 3 December. It is anticipated that it will be published by the end of this year.