Bill to regulate ‘vulture funds’ expected to pass Dáil today

Michael McGrath

The Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018 is expected to pass report stage in the Dáil with Government support this afternoon before proceeding to the Seanad.

The bill, introduced by Fianna Fáil’s finance spokesperson Michael McGrath, would allow the Central Bank to take enforcement action directly against overseas funds who operate in Ireland through middlemen.

Mr McGrath said: “When our Bill becomes law, these ‘vulture funds’ can be directly inspected and investigated by the Central Bank. The regulator will also, if necessary, be able to take enforcement action against these funds.

“Up until now, these funds have been untouchable. The Central Bank will now, for the first time, be able to have direct contact with these funds and apply strict regulation directly to them.

“The Bill will ensure that whoever is ultimately calling the shots on the management of a loan portfolio will be regulated.”

He added: “I welcome the Government’s commitment to support our legislation to regulate these ‘vulture funds’. We must now ensure that it passes all stages of the Dáil and Seanad without delay so that it can be enacted as soon as possible.”