The government has been called to push ahead in the new Dáil session to protect up to 10,000 vulnerable mortgage holders whose mortgages have been sold off to unregulated third parties.

If loans are sold to an unregulated third party customers automatically lose their statutory rights.

Fianna Fáil Spokesperson on Finance Michael McGrath, said: "The Minister for Finance has informed me in the Dáil that up to 10,000 mortgage holders currently find themselves in this very exposed situation. The Government has promised legislation in 2015 to deal with the sale of mortgages to unregulated entities. Now that the public consultation period has closed, I am calling on the government to bring forward its legislation early in the new Dáil session to address this issue.

-- Advertisement --

"Fianna Fáil published a bill in February of this year which was debated in the Dáil. The Bill was a genuine attempt to deal with this issue and was allowed to pass second stage in the Dáil. Since then, Fianna Fáil has consistently put the government under pressure to accelerate the publication of its own legislation."

(CD/MH)