Dáil Éireann Debate, Tuesday - 9 July 2024
177. Deputy Mattie McGrath asked the Minister for Finance if he will consider enacting laws to restrict vulture funds’ activities, akin to the UK Parliament’s legislation that prohibits vulture investors from exploiting its courts for their gain; and if he will make a statement on the matter. [29666/24]
View answerThe activities of non-bank entities are already regulated by the Central Bank in Ireland under the provisions of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 as amended. The legislation ensures that relevant borrowers whose loans are sold to non-bank entities maintain the regulatory protections they had prior to the sale, including the protections provided by the Central Bank’s statutory Codes of Conduct and Consumer Protection Code.
As of 30 December 2023, non-bank entities are also subject to the European Union (Credit Servicers And Credit Purchasers) Regulations 2023 which transposes the EU Credit Servicing Directive into Irish law.
It is a matter for the Courts to determine whether a particular litigation constitutes a malicious abuse of court process.
