Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is a significant discount. We have information that Cerberus and Cabot, which is the servicing agent employed by Cerberus, are taking a very strong approach to the bank's previous buy-to-let customers. They are appointing fixed asset receivers and giving former customers 30 days to clear all of their arrears or they will appoint fixed asset receivers. The bank has employed two fixed asset receivers. Deputy Michael McGrath is right, and we are saying this over and over again, that it is not about the protections that travel with the customer and the mortgage, it is the attitude. The bank has appointed two fixed asset receivers. The vulture is taking a policy decision to tell customers to clear their arrears within 30 days or it will put in place fixed asset receivers. Does the bank have anything to say on this? It has hung out it customers high and dry. It has fed them to these vultures.

The bank knows fine well these were non-performing loans. That does not mean they were not being paid, it means the customers were not able to pay the full amount and that they were in arrears. The idea of any bank telling people to clear their arrears within 30 days or it will take its property is absolute madness. That is what Ulster Bank has done to almost 2,200 customers who have tenants. When fixed asset receivers are appointed, those tenants will be evicted. That is what is happening here.

I have a letter from Cabot to a mortgage holder that states Cabot has noted there are arrears owing on an account mortgage - in the number and amount of X - and to assist the person in clearing these the following payment options are available but the letter then just gives the IBAN and BIC details of the bank. The letter then states that failure to contact the office on receipt of the letter and clear the arrears in full within 30 calendar days from the date of the letter will leave Cabot no other option but to appoint a receiver over the secured property.

I can read Ms Howard other letters where former customers of Ulster Bank with multiple properties are in positive equity and are trying to sell the loans, but Cabot is saying "No". They are willing to sell the properties and pay off the full amount but Cabot is saying it does not care. It is telling them to clear their arrears within 30 days or it will appoint a fixed asset receiver.

We are told this is now policy within the vulture funds to which Ulster Bank handed its customer accounts, yet the bank has washed its hands and said it has nothing to do with it any more. Náire - shame on it for what it has done. We warned it that this was going to happen. This is what vultures do. Has Ulster Bank no regard for people who made the bank profitable during good times and who are finding it difficult to make full repayments? They are looking for a bit of time or support but are definitely not looking for this type of attitude. In fairness, it is an attitude that Ulster Bank would not show to its customers.

How many buy-to-let customers does the bank have? Can Ms Howard imagine her bank writing to customers tomorrow morning to tell them to clear their arrears within 30 days or it will repossess their homes? People would take their accounts from the bank overnight and they would say they are having nothing to do with that. However, the bank outsources its dirty work to the vultures and it is about to do it again. Shame on it. That is why we need this committee to pass my legislation, which will put in place a statutory responsibility to do what Ulster Bank should do anyway, that is, live up to the standards of the Central Bank, which says it should ask for permission before it sells to a vulture. I ask Ms Howard for a response on how Ulster Bank has treated its customers.