February 27, 2018 / 2:15 PM / in a year

Ireland to tighten regulation around distressed loan sales

DUBLIN, Feb 27 (Reuters) - Ireland’s government will accept an opposition party bill to extend protection for borrowers whose loans are sold to unregulated funds, Finance Minister Paschal Donohoe said on Tuesday.

Amid a political backlash over who some Irish lenders may sell portfolios of distressed mortgages to, the government has also requested that the country’s central bank carry out review of the mortgage arrears code of conduct, Donohoe said.

“By the consequence of actions that I am committed to taking in the coming period, I will ensure that we have the best regulation possible in relation to dealing with this matter,” Donohoe told reporters, adding that the opposition bill would require some amendments. (Reporting by Padraic Halpin, editing by David Evans)

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