Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I have seen a practice beginning to develop around the country where people have been in default, they cannot pay, they have gone, and the banks are left owning the house. Local authorities are telling me that sometimes the bank lets it go because it is not worth trying to sell it on the open market and they like the CPO process because it gets the property off their hands, they get the current market value, and they do not have to engage a selling agent to sell it. Through the local authorities I am hearing that some banks just sit back, let it happen, and the cheque will roll in at the end of the CPO process. Those cases might not come to the board, however.