Oireachtas Joint and Select Committees

Thursday, 9 November 2017

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance Bill 2017: Committee Stage (Resumed)

10:00 am

Photo of Martin KennyMartin Kenny (Sligo-Leitrim, Sinn Fein) | Oireachtas source

On the issues being discussed, during the downturn when everything was going pear-shaped, many solvent businesses that had been built up in communities over many years were conned into becoming involved in the property business. When that market went belly up, the banks seized many of these businesses, many of which were still operational and solvent. They became the fall-guy for what had happened, in spite of the fact that the banks were as culpable as the borrowers in terms of the attractiveness of the deals offered by them. When everything went wrong, they walked away scot-free, leaving individuals with the problem. There are many people whose businesses which they had built up in their communities over many years and which remained solvent were seized and sold by the banks. That was wrong. This venue is perhaps a calmer environment than the Dáil Chamber in which to plead with the Minister to do something to protect the businesses and communities that are suffering as a consequence of what is happening every day in the Commercial Court, the Master of which recently said that if AIB did not exist, that court would be out of business. It is dragging people through the courts every day. It is not right. There is the right and the left in politics, but there is also right and wrong. This is not right; it is absolutely wrong.

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