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

I thank the Minister. There is one example that really sums up what is wrong in all this. I have a letter here from Maris Capital to a mortgage holder stating two firms have been appointed as the credit-service firms. The contact details are given as a PO box number in Dublin 2. There is no address given for the credit-servicing firms and no telephone number to contact. If one is in difficulty with one's mortgage, one wants to deal with the people who can make a final decision on the restructuring of one's loan, be one a mortgage holder, farmer, SME or otherwise. Under the existing legislation, however, there is a gap. One cannot have any direct contact with the loan owner, or the person making the final decision on whether to move in on the borrower, enforce the security, restructure the loan or raise the interest rate. Restructuring is simply not happening when it comes to funds because they have no interest in the longer term. There are here to get their hands on the underlying asset ultimately or to sell on the loans. That is the prospect that is now working itself out in the marketplace. This is just a simple example of what is wrong with the current system of regulation. It is not acceptable that funds, which call all the shots in regard to loans, remain beyond the ambit of regulation. The Minister needs to deal with that or this House will move to do so - this year, in my view.

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