Oireachtas Joint and Select Committees
Wednesday, 15 February 2017
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised)
1:30 pm
John McGuinness (Carlow-Kilkenny, Fianna Fail)
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The banks have reached the lower level of debt and are beginning to deal with individual debt, small business debt etc. Given where the banks are now, is there room within Government policy for a friendly vulture fund like the one I have suggested? A vulture fund could be funded by the State and could take in these loans from the banks at the same rate that a vulture fund might get them. Then it would be in a position to either continue at a lower mortgage repayment or create a situation where people become tenants and remain in their own homes. That is the level we are at.