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

Both Mr. Hall and Mr. Kissane are well respected throughout the country for the work they have been doing defending those who are in trouble. I admire the work of the IFA and ISME and Mr. Hall and Mr. Kissane. There is a problem, however. On 15 March last, a motion was tabled in the Dáil on the lack of engagement with this committee by vulture funds. We compared their engagement with their engagement with the Department of Finance in the period from 2013 to 2016. It transpired that they had 125 engagements with the Department in that period. They continue to have engagement with the Department of Housing, Planning and Local Government. The Government's amendment to the motion on the engagement of vulture funds with this committee was defeated. We spoke about the lack of engagement from the vulture funds and our unsuccessful attempts to have the agents that represent the funds appear before the committee and to be held to account. We also called on the unregulated investment funds and the regulator to attend the committee and that was supported by the Central Bank of Ireland. The Central Bank said that firms with a serious role in the economy had a social responsibility to account for themselves before the committee. We then asked the Government to cease all engagement with unregulated private investment funds and credit services firms until these entities were accountable to Parliament. We are talking specifically about vulture funds and their activities. We also asked for legislation to be introduced to regulate the unregulated entities.

The reason I am prompting the witnesses to consider the scope of their organisations and understand the level of respect they command is that they should take that motion, which was passed on a cross-party basis in an effort to bring focus to this issue, and lobby the Minister for Finance, as this committee does. I encourage them collectively to ask the Minister for Finance for a meeting to bring a stop to this practice, which is causing the destruction of family farms, businesses and homes. It has led to suicides and is continuing to have a major negative impact on our economy.

I do not want to leave the meeting without advocating some kind of step forward. The IFA, ISME and Mr. Kissane bring credibility to the story because they have heard the stories from their members and the people who interact with Mr Kissane. We must not leave this issue here. This committee will bring this information to the Minister for Finance but in the name of the people of Ireland whom we represent, I ask the witnesses to join in the campaign to stop these vulture funds. The political parties and political system have an unwillingness or fear of dealing openly with the issue. They have the capacity to deal with it but refuse to do so.

I am asking the witnesses to take this issue forward and put it on their agenda in their engagement with Government. Mr. Healy, as president of the IFA, has an important position in the country, as has ISME. They should not underestimate the respect and power they have.