Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

I have dealt with many constituents over the last 12 years in cases in which mortgages and loan books were sold and the property was subsequently sold and disposed of by a vulture fund, a third party, for a fraction of what the actual loan value was initially, sometimes a quarter of the value. The reaction from the public is understandable. Had that person gotten it for half of the original loan and if they could have gotten a 50% write-down, never mind 75%, they would have been in a position to continue paying. There have been cases in which it has been as little as 25%. The original loan could have been €200,000 and the property disposed of afterwards for perhaps €55,000 or €50,000. The person who took out the loan is then without a home and they think that if they could have gotten it for €55,000, it would have been easy work. Had they gotten it for €100,000, they would have managed it. The witnesses said today that they do not have the power to cap interest rates on vulture funds. In terms of the transaction and the disposal of it, did the Central Bank pressurise or request the pillar banks or retail banks to dispose of those? Was pressure put on them by the Central Bank to dispose of those loans determined as not performing or not performing properly? Was there pressure from the Central Bank to do that?