Oireachtas Joint and Select Committees

Wednesday, 20 September 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Issues: Central Bank

Photo of Rose Conway-WalshRose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

We want that table updated because it is really important that we have up-to-date and accurate information on this.

I want to move to the vulture fund situation and to try to clarify where we are in terms of where people are at. At the end of March, more than 80,000 mortgage loans were held by the vulture funds. More than 70,000 of those mortgage holders were on tracker mortgages or variable rates. They have seen significant hikes, as we talked about here previously, of up to 10%, which are completely unsustainable.

Over the summer, the bank provided Deputy Doherty with the distribution of the average interest rates for banks and the non-bank lenders and vulture funds. We might compare March 2022 to March 2023. What is very significant from that table is that the number of people who were paying over 6% for the non-lending firms at the end of March 2022 was 1%. At the end of March 2023, that had risen to 19%, which is a huge increase, which tells us exactly what is going on. Could Mr. Madouros provide an update again on that distribution table for us? There is a real problem there. Again, I will show him the table if he is not sure which table it is. It is table 1.

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