Finian McGrath (Dublin North Central, Independent)
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236. To ask the Minister for Finance his views on correspondence (details supplied) regarding the Irish Bank Resolution Corporation Limited and the selling-off of loans to a company that has a conflict of interest with the corporation; if there are any immediate plans to regulate vulture funds companies that buy up mortgage loans from the Irish Nationwide Building Society; and if he will make a statement on the matter. [25876/15]

Michael Noonan (Limerick City, Fine Gael)
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In relation to the first part of the question posed, as the Deputy will be aware the terms of reference of the proposed Commission of Investigation in relation to IBRC include the following explicit term of reference (1b) dealing with issues of public concern: The Commission shall investigate all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by NAMA which occurred during the relevant period and which "are specifically identified by the Commission as giving rise or likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer"

Both Houses of the Oireachtas have approved the terms of reference. It is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation. In those circumstances I have received legal advice that it would be inappropriate for me to comment publicly in relation to certain matters which fall under the scope of the Commission of Investigation.

Moving onto the second part of the parliamentary question, as the Deputy may be aware, borrowers whose loans are sold to unregulated entities will be protected by the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 when it is enacted. The purpose of the Bill is to ensure that consumers retain the protections they had prior to the sale of their loan. This Bill 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. New 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 Bill was published in January 2015 and second stage of the Bill was taken in the Dáil on 4 February 2015. The Bill is continuing its progress through the legislative process. The Bill was passed by the Dáil on 17 June 2015 and Second Stage taken in the Seanad on 24 June 2015. Committee Stage in the Seanad is due later today (30 June 2015).