Dáil Éireann Debate, Tuesday - 12 May 2026
442. Deputy Joe Cooney asked the Tánaiste and Minister for Finance whether an issue of 'unjust enrichment' occurs where a vulture fund gets more than a reasonable return on its investment in the context of a property repossession; and if he will make a statement on the matter. [35292/26]
Amharc ar fhreagraThe provider of a mortgage has the general right to assign or sell its entitlements and rights under a credit agreement, or a portfolio of agreements, to another entity.
In such a situation the new entity acquires the rights and benefits of the mortgage provider.
Such a transaction does not change the terms of the underlying credit contract and the benefits, rights and obligations of both the mortgage provider and mortgage holder as set out in the mortgage contract remain in place.
Where the right to obtain possession of the mortgaged property arises and where that right is exercised, there is an obligation to realise the security and where the property is sold to obtain the best price reasonably available for the property.
The proceeds of any such sale is then be used to repay the debt secured on the property and appropriate costs, and any balance remaining from the sale is due to the mortgage holder.
Any dispute about whether or not an ‘unjust enrichment’ arises in any case is ultimately a matter for the courts.
However, if a person has any complaint about the actions of a Central Bank regulated entity, including an entity which services a credit agreement or an entity which acquires the legal rights of a creditor under a credit agreement entered into by a consumer, that person should make a complaint directly to the regulated entity in the first instance.
If the person is still not satisfied with the response received, that person can then submit the complaint to the Financial Services and Pensions Ombudsman which is the entity to adjudicate out of court on complaints between a consumer and a financial services provider.
