Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein) | Oireachtas source

I have several questions, based on my experience as an elected representative over a number of years and the areas that have been most often reflected to me. I also have a background in banking and issues have been raised by a number of people, even within the employ of our banking institutions, but more particularly those who have been most seriously affected by the significant downturn in the economy and have not been able to maintain their repayment schedule in regard to house mortgages or whatever.

My point relates primarily to the house mortgage area, but nevertheless we are also talking about serviced accounts. They are not completely abandoned. People present to a banking institution and proffer significant personal data and information in order to secure a loan facility. What we have seen over recent years is what is described as a significant sell-off of a body of negotiated mortgages loans to third party banking institutions, and not always within this jurisdiction. Sometimes they are domiciled outside the jurisdiction, but some have a representative office and nothing more.

It is not just the loan that goes or the fact that there is a balance outstanding that has to continue to be serviced. It is all of the respective data in regard to the borrower. Instances have been brought to my attention where significant upset has been caused in terms of information on the individual, the family, those in a position to make an input into helping to address an outstanding balance and other members of a family who have come on board to help. These cases have presented where that data regarding not even the principal borrower but other members of their family who have come on board to assist have been given out to new anchor lenders in regard to the borrowing facility. Is there any prohibition or is anything envisaged in terms of the pending legislation that would prohibit this activity, which has been happening wholesale over the past number of years and has caused grave upset for many people?