Dáil Éireann Debate, Tuesday - 20 January 2026
408. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance to outline the regulatory, consumer protection and financial oversight safeguards currently in place for companies offering “lifetime loans” and “equity release” products to older persons; and if he will make a statement on the matter. [4379/26]
View answer409. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance the number of licences issued to companies offering equity release and lifetime loan products in the Irish market over the past 15 years; the total number and value of drawdowns approved during that period; and if he will make a statement on the matter. [4380/26]
View answerI propose to take Questions Nos. 408 and 409 together.
The Central Bank of Ireland is responsible for the supervision of all regulated financial service providers. While it does not regulate or authorise firms on a product specific basis, firms which are involved in the general activity of providing credit or other similar type of financial accommodation to consumers, and which includes equity release type financial products such as lifetime mortgages or home reversion agreements, may be authorised as either a credit institution, a credit union, a retail credit firm or a home reversion firm.
The Central Bank’s Registers sets out all the firms that currently have such an authorisation and these are available on the ‘Registers’ section of the Central Bank’s website. These Registers are updated as and when necessary by the Central Bank.
In addition to the Registers, the Central Bank published its inaugural ‘Authorisation and Gatekeeping’ Report in June 2024. This report provides authorisation data for 2023. The second edition was published in May 2025 and provides the authorisation and gatekeeping performance for 2024. The Central Bank advises that this data report will be published on an annual basis.
Prior to this, authorisations data was published as part of the Central Bank’s Annual Report and Annual Performance Statement. In relation to the drawdown data, the Central Bank advises that it does not publish data specifically on the number or value of drawdowns for equity release and lifetime loan products.
In relation to the regulatory framework, any regulated entity which is involved in the business of providing credit to consumers, including entities which provide lifetime mortgages or equity release type financial accommodation, is required to comply with all relevant requirements of financial services legislation, including the regulatory requirements set out in the Central Bank's codes of conduct and regulations. These include:
• the Consumer Protection Code 2012,
• the Code of Conduct for Mortgage Arrears 2013,
• the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015,
• the Fitness and Probity Regime,
• the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017, and
• the Minimum Competency Code 2017.
In addition to the general requirements which apply to the provision of credit to consumers, such as those relating to advertising, suitability and the provision of information, it can be noted that there are a number of Consumer Protection Code (CPC) requirements which specifically apply to lifetime mortgages.
In particular, the CPC provides that, prior to offering, recommending, arranging or providing a lifetime mortgage to a personal consumer, a regulated entity must inform the personal consumer of the consequences of purchasing a lifetime mortgage and the consumer must be provided with the following:
• the circumstances in which the loan will have to be repaid,
• details of the interest rate that will be charged,
• an explanation of the impact of the rolling up of the interest over the duration of the loan,
• an indication of the amount required to repay the loan at maturity,
• the effect on an existing mortgage, if any,
• an indication of the likely early redemption costs which would be incurred if the loan was redeemed on the third and fifth anniversary of the loan and at five yearly intervals thereafter.
The CPC also provides that any document received by a consumer, and advertisements for lifetime mortgages, must contain relevant warning statements as outlined in the Code.
Also a regulated entity which is offering a lifetime mortgage agreement to a personal consumer must ensure that the personal consumer is made aware of the importance of seeking independent legal advice regarding the proposed transaction.
These provisions will be continued in the revised and updated Consumer Protection Code which will come into effect on 21 March 2026.
