Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I appreciate that the amendment at least acknowledges the concerns of members and people in this situation about the prospect of loans being sold to vulture funds. Deputy Fleming made the point that if the credit servicing firm is breaching the code of conduct on mortgage arrears and consumer rights generally it can be taken to task but the owners of the loans should also be subject to sanctions if they try to get the firm to take actions which violate the rights of the mortgage holders. That begs the question of how we can supervise vulture funds which are based abroad and operate through the credit servicing firms. How can we even be made aware the pressures they bring to bear?

I have not tabled an amendment in this regard on Committee Stage because I do not know how I would address the issue but I may prepare an amendment on Report Stage. If the purpose of the Bill is to protect consumers, it should simply keep vulture funds out of the mortgage business. I do not see what they contribute. I might have difficulties with private banking but I understand the purpose of a bank. I would prefer the banks to be in public ownership but I recognise that they have a role to play. I do not see what useful purpose these vulture funds serve. They are parasitical entities that speculate and gamble in a way that affects human beings who are trying to put a roof over their heads. I would love to see a prohibition on mortgages being sold to this kind of entity. It should only be possible to sell them to proper credit institutions. Perhaps the Minister of State can explain why that is not what we need to do to protect mortgage holders. The amendment at least attempts to provide protections but I wonder whether it will have that outcome in reality.