Brendan Burgess
Founder
- Messages
- 52,046
The Department of Finance has launched a public consultation on their proposals to make sure that mortgages sold to vulture funds are protected
http://www.finance.gov.ie/sites/def...n_loan_books_ public_consultation _pubweb.pdf
Closing date: 22 August
In a nutshell, the draft legislation makes the ownership of credit a newly regulated financial activity which requires Central Bank authorisation. It does this by changing the definition of “retail credit firm” to include firms which own the credit.
The consultation document sets out the details of the proposed legislation and explains the reasons that this approach was adopted. The Department poses a number of questions in the document to which it invites responses.
http://www.finance.gov.ie/sites/def...n_loan_books_ public_consultation _pubweb.pdf
Closing date: 22 August
In a nutshell, the draft legislation makes the ownership of credit a newly regulated financial activity which requires Central Bank authorisation. It does this by changing the definition of “retail credit firm” to include firms which own the credit.
The consultation document sets out the details of the proposed legislation and explains the reasons that this approach was adopted. The Department poses a number of questions in the document to which it invites responses.