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

I will follow on from Deputy Pearse Doherty with some questions. This morning, media reports indicate that banking analysts are saying that to do anything with legislation or regulation relating to the sale of Permanent TSB loans would make it less attractive for the vultures. That gives us a sense of the type of market we are now into. In commentary this morning, Davy stockbrokers pointed to political opportunism and said that the loans totalling €2 billion were typically owned by people who will not pay and who do not want to pay and so on – the non-payers. The firm is saying that typically those involved are homeowners whose mortgages are in arrears and who refuse to engage. That is what is going on in the media and in the bubble of the bankers.

I wish to draw the attention of the Minister to the fact that Permanent TSB has 14,000 homes. AIB is lining up with some type of sale as well. We know from the exchanges with the other banks at this committee that they too are lining up and that there will be issues for homeowners. Permanent TSB said in its response to our initial informal approach that the bank would not be in a position to discuss the composition of the loan portfolios, criteria, levels of arrears information etc.

Permanent TSB has confirmed that it and prospective bidders have signed non-disclosure agreements as part of the sales process. The point is that all of this information is in the public domain anyway, regardless of whether it is misinformation or is correct. We intend to issue a formal invitation to Permanent TSB to appear before the committee next Tuesday. We will discuss with the bank the make-up of these loans, the cohort of people who are in difficulties, the length of time they have been in difficulties, what they have done resolve these difficulties and so on. This will give a greater understanding to the public, the Government and the Opposition of exactly what is going on within Permanent TSB. Will the Minister encourage the State-owned banks to take up the invitations we are going to issue in the next short while to appear before the committee to deal with the fears people genuinely have in respect of their homes?