Mr. David Hall:

If I were operating a vulture fund, I would be delighted with the code of conduct on mortgage arrears by comparison with any of the four Bills before the Oireachtas to deal with customers and protect consumers. The code is a spectacular failure and fudge. It is a computer programme that just dictates timelines and dates for letters to be issued and telephone calls to be recorded. That is all it does. It does not do anything else. It keeps getting referred to by various individuals as if it were the Holy Grail. It is an abject failure in terms of consumer protection by the Central Bank, which is completely conflicted. Having loan servicing agents regulated means absolutely nothing. These are commercial entities and they never said anything else, as may be seen on their websites. The vulture funds have done absolutely nothing wrong. They have never lied. Their purpose in life is to buy cheaply, sell high and exit. That is what it says on the tin. I do not wish to upset Deputy Doherty but, unfortunately, I am slightly immune to the behaviour of the Cabinet already. What is occurring is no surprise. It is a daily occurrence noted by all the MABS staff throughout the country. All the organisations involved in dealing with debt in the State came together twice in the past six months in private. It is the fist time we have done so. The evidence and experience of the 60 individuals present was universal. Everybody knows the truth and facts. There is a toll taken on those dealing with families. Everyone in this room has experience dealing with families in difficulty. Some believe there is a conspiracy theory related to banks but it is, in fact, a matter of incompetence. Deputy Doherty's point about the letter from Cabot and the speed at which it arrived proves such companies are used to tackling and dealing with people to extract money and profit. Their efficiency will be frightening.