Michael McGrath (Cork South Central, Fianna Fail)
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247. To ask the Minister for Finance the current regulatory framework for receivers appointed by banks; if he plans to introduce any changes in this area; the oversight in place with regard to the level of fees charged by receivers; the recourse an affected borrower has who believes the fees charged in respect of their assets are excessive and unjustifiable; and if he will make a statement on the matter. [12957/16]

Michael Noonan (Limerick City, Fine Gael)
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I understand that the appointment of a receiver can be done under company law or land and conveyancing law.

The Companies Act 2014 includes detailed provisions which regulate the appointment and the powers of receivers, examiners and liquidators and is the responsibility of my colleague the Minister for Jobs, Enterprise and Innovation.

While the 2014 Act does not specify any regulatory standards for the appointment of a receiver, I understand that the Company Law Review Group which advises the Minister for Jobs, Enterprise and Innovation on the review and development of company law, is currently examining whether it is desirable or necessary to further amend company law in this area.

The Land and Conveyancing Law Reform Act 2009, which is the responsibility of my colleague the Minister for Justice and Equality, includes provisions around fees and the prescribed rates for receivers.