Bernard Durkan (Kildare North, Fine Gael)
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69. To ask the Minister for Finance the degree to which he remains satisfied that borrowers are not disadvantaged in instances where loan books are sold to regulated or unregulated institutions; and if he will make a statement on the matter. [18045/15]

Michael Noonan (Limerick City, Fine Gael)
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The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books, will be regulated. Otherwise they can have the loan book serviced by a regulated credit servicing firm. The aim of the Bill is to ensure that borrowers who have had their loans sold on to unregulated institutions will have the same protections they had when their loan was with a regulated financial services provider.

The Bill was published in January and second stage of the Bill was taken in the Dáil on 4 February. Since then, my officials have been in contact with the Central Bank and with the Office of the Attorney General to further progress the legislation. The Bill will continue its progress through the legislative process and I look forward to further discussion of the Bill at Committee Stage.