Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I thank the witnesses, particularly those who are living through the stress of the situation, for their presentations. I do not have a question but I want to share some information, as it might be helpful in arriving at recommendations to support residents and put pressure on the Government. What is really significant about Tyrrelstown is that what the witnesses are experiencing was happening to a large number of families before this matter came to light. However, those were isolated incidents. There was a house here or there that was being repossessed, and the families involved had to deal with the matter on their own. The fact that there are now so many in such a concentrated place has shone the spotlight on a particular problem this committee needs to consider.

Some 40,000 mortgages - including mortgages on houses that the witnesses are living in - have been bought by short-term investment funds, or what we call vulture funds. The reason they are referred to as "short-term" is because they are not buying the properties to allow people to remain living in them, and taking a rental income in respect of them. The intention of these funds is that, when it suits them, they will sell the properties on irrespective of the consequences for people living there. We expect that they will sell them on shortly. Some 10,000 of those are properties that have been bought, while only the debt relating to the other 30,000 has been bought. This means that in a short period we will see many more situations similar to that at Tyrrelstown arising across the State. It is not just about trying to identify a solution that works for the witnesses' families, although we also have to do that. By finding a solution for their families, we are recommending a solution to the Government in respect of the overall problem.

My understanding is that the Housing Agency has examined these figures.

It is trying to impress upon the Department of the Environment, Community and Local Government credible solutions that would allow families like these to stay in their homes and be secure in their communities in a way which would not necessarily place undue financial burden on the State because these are rental properties with rental income.

On the back of today's hearing, I would like the committee to write to the Housing Agency and to the Department of the Environment, Community and Local Government, specifically on this issue, requesting whatever correspondence has gone between them on the types of solutions that the agency believes are practicable to keep people in their homes.