Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

179. To ask the Minister for Finance if a company (details supplied) is regulated by the Central Bank as an owner of credit; and if he will make a statement on the matter. [6823/19]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I understand from the Central Bank that Glenbeigh Securities 2018-1 Designated Activity Company is not regulated by the Central Bank as an owner of credit.

The Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 requires owners of the legal title to credit to become authorised as credit servicing firms. The Act gives owners of the legal title to credit 90 days from the commencement of the Act to apply for authorisation, i.e. by 21 April 2019. A loan owner must keep the existing authorised credit servicing firm in place until their application for authorisation is approved or refused.

At the time PTSB announced the transaction in question, it confirmed the following:

“The transferred NPL portfolio will continue to be serviced by PTSB for a period of up to six months. At the end of this period, 1) Pepper Finance Corporation (Ireland) DAC trading as Pepper Asset Servicing will act as the Master Servicer on behalf of Glenbeigh Securities; and, 2) legal title to the loans will be transferred to Pepper Finance Corporation (Ireland) DAC.”

The Deputy may be aware that Pepper Finance Corporation (Ireland) DAC trading as Pepper Asset Servicing is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to these loans will continue to apply, meaning that all existing consumer protections will remain in place.