Paul Coghlan (Fine Gael) | Oireachtas source

The Governor is most welcome and I wish him well in his role.

Like other members of the committee, I have been concerned for some time about foreign equity firms or vulture funds, as they are more commonly known. We have all come across instances where they have acted aggressively and unfairly against both personal and corporate borrowers. Some of them have sought committal orders against borrowers who are struggling with their debts and in at least one case of which I am aware they flagrantly breached the terms of a personal insolvency arrangement. Businesses are being placed at serious risk of failure because of the activities of these funds and the way they are treating businesses. We were snubbed by them in early December when they refused to come before us. It seems the are are able to act and conduct themselves with impunity.

They are accountable to nobody in this jurisdiction and they make decisions to suit themselves. They are totally unregulated here. Will the witness comment on that? They are only accountable to their own shareholders and investors, and they are, naturally, outside the jurisdiction. Are additional legal measures required for homeowners and small and medium enterprises in these cases? Will Professor Lane give us the benefit of his views on the matter?