Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I raise an issue reported in The Sunday Business Postlast weekend that 4,000 SME customers of Danske Bank face the sale of their loans to a foreign-owned vulture fund. It is a similar issue to the one we have previously raised in relation to mortgage holders. The relevant legislation is the sale of loan books to unregulated third parties Bill. If this happens to businesses before the legislation is passed, they will be left vulnerable and exposed. If businesses have missed any payment whatsoever on loans, all they will have to rely on is their loan agreements, which are heavily stacked in favour of the lender. Viable businesses could be shut down and jobs lost. The legislation is urgent. We will happily support the passage of the Bill and the provision of time to do so. The Government has promised to fast-track it. Can the Taoiseach assure the House that the Bill will be published urgently and introduced to the House?

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