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

To an extent there is also merit in a hands-on approach. If there is a lack of direct engagement by senior people in the Government, this sends a signal to the banks that the Government endorses their approach and is satisfied with what they are doing in respect of mortgage arrears, interest rates and their role in lending to the economy.

The Minister was far from hands-off when it came to meeting people from private equity funds or so-called vulture funds. He met them eight times in 2013 and 2014; personnel from the Department met them 65 times. In contrast, there were five meetings with advocacy groups for those in mortgage arrears and the Minister attended none of them. The Minister can be quite hands-on when he wants to be in dealing with vulture funds but he certainly has not been hands-on in using his very significant influence with the banks on the issues of concern to the Irish people.

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