Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

We would not have to worry about such things as the sale of people's mortgages and other loans to entities and special purpose vehicles, otherwise known as vulture funds, if we were not flogging the family silver and, literally, selling off the city. We are flogging the country. Billions of euro worth of loans and property is being flogged to the very same people who helped to pump up the property market in the first place. It is beyond belief. The levels of gambling have now surpassed those in 2006. At what point will we say we have to stop the madness?

It must stop because all over Europe, including in this country, people are demanding that we stop it. This is another accident waiting to happen.

In terms of the Bill, the effects of all of this are felt by the poor unfortunate individuals who do not know who owns the loan on their mortgage or who they are dealing with. In any event, current borrowers are the beneficiaries of a code of conduct on mortgage arrears that does not make a blind bit of difference to those to whom it applies because the creditors have a veto. They will ultimately decide whether to do a deal with the borrower. If it does not suit them or they cannot make money out of a deal, it will be tough luck for the borrower who will be evicted. Who picks up the bill in such circumstances? The answer can be found in the spiralling numbers of people on the waiting lists for social housing.

Flogging off loan books and assets held by the National Asset Management Agency, NAMA, is a false economy. It may allow the Minister to announce that NAMA will make a profit or that the banks have repaid the moneys provided by the State. However, the number of families on the social housing list has increased by 10,000 and many of them are threatened with homelessness. The price will have to be paid through the rent allowance system or the new leasing arrangement known as the housing assistance payment. Who will get the €750 million that taxpayers will be required to fork out in housing assistance payments? It will be paid to special purpose vehicles, which is beyond madness as I believe the Minister, in his heart of hearts, knows.

Europe is waking up as the winds of change sweep across the Continent. What was the famous line from the Bob Dylan song?

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