Dáil Éireann Debate, Tuesday - 20 January 2026
411. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will provide details of any monitoring undertaken by his Department to ensure that borrowers’ statutory and EU-derived consumer protections were upheld following the sale of loans under Project Glas; and if he will make a statement on the matter. [4474/26]
View answer413. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the way in which the Central Bank verifies that purchasers of loan portfolios including investment funds and credit servicers are complying with the CCMA and other statutory consumer protection obligations; and if he will make a statement on the matter. [4476/26]
View answerI propose to take Questions Nos. 411 and 413 together.
The Central Bank is responsible for the regulation and supervision of all regulated financial service providers.
The Bank's supervisory and consumer protection framework applies to regulated entities which provide credit to consumers, or who service such agreements or who subsequently acquire the legal rights of a creditor provided for in such agreements. This provides the same protections for borrowers regardless of the regulated entity with whom they are dealing, be that a bank, a retail credit firm or credit servicing firm.
Therefore, any entity which acquires the legal rights of a creditor under a credit contract with a consumer, or which services such an agreement, falls within the regulatory remit of the Central Bank of Ireland and the relevant financial services regulatory framework and it must comply with the Central Bank's consumer protection codes, including the Consumer Protection Code and the Code of Conduct on Mortgage Arrears.
The Central Bank is independent in the performance of its regulatory and consumer protection functions. However, it has indicated that it continually monitors regulated firms’ adherence to their regulatory requirements.
In particular, the protection of mortgage loan borrowers, including those in arrears, is a key priority for the Central Bank. The Central Bank has advised that, from its engagement with firms on long-term mortgage arrears (LTMA), it is continuing to see progress with a sustained reduction in LTMA over the last number of years. However, some challenges remain and the Bank continues to address these by continuing to:
• review and strengthen the regulatory framework to ensure it remains fit for purpose and and that it continues to ensure the protection of all consumers in their dealings with regulated firms, including where loans are sold;
• assertively supervising all regulated firms that deal with borrowers in mortgage arrears, to ensure regulatory requirements and its expectations are fully complied with, which includes targeted supervisory engagements with firms;
• continue to inform the public and stakeholders by generating and sharing economic and statistical insights and information.
If a consumer is not satisfied with the way a regulated firm, including a firm servicing a credit agreement, is dealing with them, or if the firm is not complying with regulatory requirements, the consumer should make a complaint to the regulated firm in the first instance. If the consumer remains unsatisfied with the response of the firm, the consumer can then refer the complaint to the Financial Services and Pensions Ombudsman.
