Borrowers whose loans are sold to third parties remain protected

Borrowers whose loans are sold to third parties maintain the same regulatory protections they had prior to the sale, said Finance Minister Michael Noonan last week.

Mr Noonan was asked by Michael McGrath TD, Fianna Fáil, in the Dáil if he was satisfied with protections for mortgage holders, tenants and small and medium-sized enterprises from vulture funds that have acquired their loans.

Legislation enacted last July made credit servicing firms subject to the provisions of Irish financial services law that apply to “regulated financial service providers”, said Mr Noonan.