Fianna Fáil finance spokesman Michael McGrath will publish the Protection of Residential Mortgage Account Holders Bill 2014 this morning, ahead of the imminent sale of IBRC mortgage assets.
The proposed legislation is aimed at protecting mortgage holders whose loans are sold to unregulated third parties.
The IBRC is planning to sell 13,000 mortgages on the open market and concern has been expressed that individual homeowners will not be allowed to bid for their own mortgages.
“The special liquidator plans on selling their mortgages in batches of several thousand at a discount,” Independent TD Stephen Donnelly said.
Under the current plan “that discount will be turned into profit for large international financial firms rather than being used to benefit thousands of Irish families as it could”, the Wicklow TD said.
