Martin Ferris (Kerry North-West Limerick, Sinn Fein)

I thank the Minister of State for his reply. Obviously, he does not have the details I have regarding the Wise Mortgage Company and Mr. Weisz's finance company. I have been aware of his operation for several years when he attempted to repossess a farm in my constituency. Vulnerable people borrowed money at a rate of 9%, but once they had missed one repayment, it doubled to 18%. It would tend to accumulate over time, making it impossible for the individuals concerned, small farmers in many cases, to pay it back.

When I first named Mr. Weisz in the House, I was assured the loopholes in the legislation would be closed for this sub-prime mortgage lender. In two weeks time, however, he has a case before the Supreme Court. Again, it involves an individual who borrowed a modest amount of money that has accumulated with penalties to an exorbitant sum which the person concerned is unable to pay back. Unless the Supreme Court states the lender, Mr. Weisz's finance company, was acting illegally, the farm of the individual in question will be repossessed. I am aware of two other farmers whose farms are being repossessed by Mr. Weisz.

Because of a loophole people like Mr. Weisz are not regulated by the Central Bank. Until such time as this is done, vultures like him will continue to exploit the vulnerability of individuals who find themselves in desperate situations and who are doing their utmost to maintain whatever property they have.

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