Jackie Cahill (Tipperary, Fianna Fail) | Oireachtas source

The banks cannot be trusted to act honestly or fairly with their customers. If any proof was needed, the tracker mortgage scandal of recent weeks is that proof. However, it is only the latest in a long line of misconduct. Fine Gael, in government since 2011, has allowed the banks to have a veto on family mortgage arrears. The damage to people's health and to families caused by the callous attitude of the banks is immense. Therefore, the removal of a bank veto, which is included in my party's Mortgage Arrears Resolution (Family Home) Bill must be introduced in legislation as quickly as possible. I urge Fine Gael not to try to block or delay it.

A greater scandal occurred when the banks sold distressed mortgages to predatory vulture funds at a discount price. It was an effort by the banks to offload their responsibility when they clearly know that eviction and resale is the business model of these vulture funds. Vulture funds are operating without regulation, which is unbelievable. A penal stamp duty on the sale of mortgages by the banks to these vulture funds would put manners on both parties and send the vulture funds packing. Deputy Noonan, as Fine Gael Minister for Finance, considered the natural order of things was that vultures should clean the carcass of the recession. That Government had a significant majority with the Labour Party and allowed banks to ride roughshod over the people. The Dáil is a different place since February 2016. This Fine Gael Minister will not be allowed to take the same right-wing attitude when it comes to dealing with the banks. The Dáil will not allow the vulture funds to go on unregulated. The Dáil will not allow the banks to veto efforts to resolve the family mortgage arrears crisis. It will force the banks, kicking and screaming if necessary, to refund the money stolen by them from tracker mortgage customers. It will finally put manners on the banking sector and make it realise it is not outside the law.

There are many who say that all the main parties in this House are the same, but it is not so. Between 2011 and 2016, Fine Gael operated a right wing, conservative, market forces type attitude towards the banks without a murmur from the Labour Party. Since February 2016, my party has put forward a different vision for managing the banking sector, a vision in which the banking sector must be strictly regulated and forced to obey the laws of the land. It must not be allowed to have a veto over the people. Since the banks were bailed out, they have acted in a treacherous way towards this country. The people will judge harshly any party that tries to block the rebooting of the banking sector.

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