Irish central bank says draft NPL law could worsen bank crises
Measure would restrict funding options and make credit more expensive, ECB warns
The Central Bank of Ireland said today (April 2) it has “significant concerns” about a draft law on the resale of property loans, a warning echoed by the European Central Bank.
The “no consent, no sale” law would severely limit banks’ ability to sell on mortgages to management companies. Debtors with non-performing loans (NPLs) would have to give their consent before a lender could transfer the ownership of their debt to another firm.
Irish lawmakers voted on January 31 to support the draft
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