Peadar Tóibín (Meath West, Aontú) | Oireachtas source

Many people's mortgages were shifted to vulture funds or investment funds. Many of them are now paying exorbitant interest rates of 7%, which will shortly rise to 7.5%. Such interest rates can add up to €5,000 more to the annual repayments relating to a mortgage than would have been the case with those people's original banks. In banking in general, why would some people be shifted to a vulture fund, for such a fund to chase down a debt over a period of ten or 15 years? Why was that decision made as opposed to crystallising the write-down with an individual at a particular time?