Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

The purpose of my existence in Leinster House is to protect home owners from the predatory practices of vulture funds. The Minister mentioned that he had no evidence of vulture funds seeking to repossess asap for profit stripping. I have that evidence. There are numerous examples of families who are in arrears for a couple of days on unregulated mortgages only and who immediately have firms sending them letters seeking repossession. If I were involved in a firm and my objective was to work out the mortgage and make it function, that would not be my action. My action would be to sit down with the family, write a standard financial statement, determine affordability and work out a structure that would allow for the loan's repayment over a period. However, it is the opposite behaviour that we are seeing among some of these organisations.

The Minister mentioned influence over interest rates. No one seems to know who is involved in some of the vulture funds because they are hidden behind X, Y and Z companies, mortgages are wrapped up in this or that loan book, etc. The funds are inaccessible to many people who have mortgages with them and even their staff are not fully sure what the line of ownership is. It is difficult to ascertain what the determining factors will be for the interest rates of such companies and it is impossible for the Minister to replicate the level of influence he has over some of the main banks in the State, as the funds in question operate with a different objective and under a different relationship with the State. Instead of trying to weaken the Minister's ability to protect the home owner, how about viewing the Bill as an opportunity to strengthen it? I am seeking to give him more tools in his arsenal to deal with a disaster that could affect a family. If that disaster does not strike, happy days, but if the Minister was given the strength to deal with it, it would have a chilling effect on the possibility of it happening because the funds would know that, if he became angry, he would implement X, Y and Z. If, however, he does not have that strength, there will be no chilling effect and, if the worst comes to the worst, we will sit here in a number of years time and view this as a missed opportunity. It might theoretically be difficult and we empathise, but dozens, if not hundreds, of families could be thrown out onto the road as a result of the inadequacies of the Bill.