Mr. David Hall:

The simple response to that is that it is factually incorrect. Vulture funds have come late to repossession activity, although many had years of dealing with commercial loans and buy-to-let investment properties. At the time of Deputy Michael McGrath's Bill going forward, the Minister asked the Central Bank for a review of the adherence of the funds or their servicing agents to the code of conduct. It undertook that work in the knowledge that the same Central Bank said before this committee that it was notified in advance of sales and loan sales. It was aware of 13,500 loan sales, between Permanent TSB and Ulster Bank, being sold to funds. It carried out that review at that time, given its consumer protection component, and it engaged with FLAC and other organisations, but the manner by which we were engaged and how we were informed of how our engagement was being considered, was very misleading. It was clearly stated to the Central Bank that the code of conduct provides no solutions or protections to anybody, even if it was transferred to the funds, which it is not. The classic example is in relation to the most vulnerable cohort of people, which is those eligible for social housing and mortgage to rent. The two examples given today involved 12% and 8% discounts, and the Minister and others bizarrely stated that because the funds bought them cheap, logic dictates they are going to do a better deal. That is just factually incorrect. Respectfully, we are doing this every day, with a team of people who are also doing it day in, day out, with our colleagues in MABS and other organisations, as well as with personal insolvency practitioners around the country. I believe the Personal Insolvency Act needs an urgent review by both this committee and the Committee on Justice and Equality to provide some protection to customers. It is absolutely infuriating to hear our Taoiseach and the Minister for Finance making dangerous and misleading commentary, so whatever advice they are receiving is factually incorrect. People are not safe in the hands of vulture funds. That is a statement of fact.