Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank the Minister. I only have a few minutes because I have to go to the Dáil. I would like to focus on the comments he made on the issue of mortgage arrears and the potential sale of 14,000 family homes and 4,000 rental accommodation units to a vulture fund by Permanent TSB. When did the bank inform him of its decision in that regard? Did the bank consult him on the decision? Bank representatives have informed the committee that they have entered into confidentiality clauses with potential buyers. Where stands the process? Did they consult the Minister? Does he accept that regulation is required to allow for administrative sanctions by the Central Bank if the buyer breaches the code of conduct on mortgage arrears or the Consumer Protection Code? Does he further accept that regulation in itself is not the issue? The issue is that the loans will be sold to entities that only have a short-term interest and more regulation will not provide additional protection to those borrowers than that which exists. These vulture funds, which are ruthless, have no intention of renewing agreements that have been made or entering into accommodation such as split mortgages, arrears capitalisation or interest only payments and, therefore, it is likely that there will be mass evictions in some cases and repossessions in others.