John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I am suggesting that the cap be changed because the Central Bank cannot deal with individual cases and the ombudsman is confined to dealing with cases where the amount involved is under €3 million. Where a business that is thriving and repaying its loans finds itself tied up with a vulture fund, there are often competing organisations in those vulture funds. In other words, competitors may be owned by the same fund. In order to protect themselves, their businesses and their employees, they have nowhere to turn to except the courts. An SME is then fighting the likes of a giant vulture fund which has the money and the ability to chase them and make their lives miserable. Therefore, instead of running the business, these SMEs are spending most of their time in the legal process and trying to sort out their affairs with a vulture fund. It is not right.