A Fianna Fáil bill to ensure so-called vulture funds come under Irish Central Bank regulations is being debated in the Dáil tonight from 8pm - 10pm.
Sponsored by Deputy Michael McGrath the Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018 seeks to amend the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 to allow for the regulation of loan owners and sale of loan and to provide for related matters.
Watch the full debate here:
Finance Minister Paschal Donohoe has indicated that Government will accept the bill, but will seek to make some amendments.
Speaking ahead of the debate, Mr McGrath said: “These vulture funds have been above the law for far too long, they have been untouchable, they have been beyond the reach of the central bank and, in many instances, they have been allowed to treat people disgracefully.”
He said his party has been “inundated” by people coming forward with personal stories which has only reiterated the importance of getting current regulations expanded to cover vulture funds.
Mr McGrath said Fianna Fáil has no difficulty in allowing amendments to their bill as long as changes to the regulation of vulture funds are immediately introduced.
“We need this law to become law and become law quickly.”