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

That is clear. In respect of the other banks and what is generally happening with the sale of SME loans, some of which involve good businesses attached to bad loans and so on, it is reported that agricultural land is now being examined by the banks relative to the loans they have issued to the farming community. In the context of reviewing the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, will the Minister consider insisting that the banks at least hold off on their sales until such time as the legislation is actually reviewed? When he is reviewing that legislation, particularly in respect of homeowners, will the Minister consider expanding the mortgage-to-rent scheme? Will he consider reconfiguring Abhaile in order that its remit is extended to mortgage resolution? Will he consider the credit union movement and the funds it has in this respect? Will he insist on the banks working through each and every loan they have so that we know that at the end of the process, should they have to go to a general sale, every single customer has had the opportunity to engage with the bank on the full suite of resolution mechanisms that are currently available? When I asked one of the banks at this committee if it engaged with customers on the basis of debt for equity, for example, it said no, it did not suit it to do so. They have not been engaged with customers.

The Taoiseach said in the Dáil that the regulation currently in place will extend to the vulture funds. In practice, that does not happen. In the tracker mortgage issue, we have seen the type of aggressive culture in which the banks are engaged. I can only say that it is 100 times worse for those who are engaged with vulture funds. I represent customers when they go to these funds. One customer, as is typical of quite a lot of cases, has tried to engage since last year and the fund has not responded to any of his information requests. It has not offered any engagement or resolution. Any offers that have been made in other cases come back with the same answer, that it is not good enough and it wants more money. If they are getting the benefit of property at a knock-down price, surely to God the citizen - the homeowner -also has to be considered.