Oireachtas Joint and Select Committees

Tuesday, 16 January 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: Discussion

2:00 pm

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

I understand that and so does the SME sector. Those involved are well able to have those conversations. I am talking about the difference between a massive vulture fund that can almost treat the likes of those agencies here, in terms of the regulation of credit servicing, as puppets. They just move them around. Within their organisations, as they describe it, they have Chinese walls but there are competition issues within those vulture funds between the various properties that they have purchased. There is an issue in that those who raised the loan in the first place cannot devote the type of time and money to getting their rights. The law is weak in that area for the SME sector. As I said, €50 million is the limit applicable to SMEs in the European Union, yet it is €3 million here. If it is driven by something else, perhaps we should examine the need for the figure to be raised. This is a major issue for companies and there is a huge danger in terms of employment.

In that context, will the Minister examine the matter?

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