Michael Fitzmaurice (Roscommon-Galway, Independent) | Oireachtas source

The Minister seems to be skipping over the scenario that I put to him. I am not happy with the answers that I have received from the Department on different cases. I asked one specific question. Last March a person bought land and put down the deposit. There were legal issues. The deal was done. The solicitor who was dealing with the other side - for the person who died - had to bring affairs up to date. We are talking about a person who bought land in March, paid the deposit and now does not know if they will have to pay the higher rate of stamp duty. We have tried to get clarification on this, along with other scenarios, but we are not getting the clarification we need. I want to know the answer, especially for those with small farms for whom it is costing a lot of extra money. Some €10,000 or €12,000 might not be much to a big company but it is a considerable sum for a small family farm, for instance. This is our big problem. We cannot say "Yea" or "Nay". One would not know what to make of the material that was given to us. Is the response "Yes" or "No"? Something must be done to clarify the matter in cases where someone had paid the deposit.

There was a legal issue on the seller's side to be tidied up, but they had it done in good faith six months before the budget. It was not done on the last day or at the last minute.

The Minister has told Deputy Mattie McGrath that there are other countries with which we do not have agreements. What is the payment system for these countries? Is it a double payment system? The Minister needs to clarify the matter for those companies that are based in Ireland or that come here. He told Deputy Mattie McGrath and me, when we asked about stamp duty at the Oireachtas Joint Committee on Finance, Public Expenditure and Reform that when the Finance Bill 2017 was being brought to a conclusion, he would deal with the issue.

The vulture funds are rampant. I know of someone who is paying what is owed in two tranches over a year. The vulture fund is looking for 10% interest and wants costs on top. That is skulduggery. The vulture funds are not accountable and we cannot rein them in. It seems the Government does not want to do anything about these scumbags as there is no talking to them. It is not the same as owning a house worth €130,000 and owing €200,000. Then the person is on the pig's back because they have to take it. They are ruthless when there is land that could be an asset and they do not give a damn about a Deputy or anyone else ringing them. I spent a few hours recently with a person who was in a bad state. He is going the full distance and paying every penny because the vulture fund refused five offers. People are helpless. This is a wound starting to fester because they are coming after people, and as politicians, we have done nothing to try to help them. The vulture funds have bought loans at 30% and 40% of their value. We have sold the country to foreigners who are now selling it back to us and on every euro they want to make two or three. It is vexing.

I was told that the vulture funds Promontoria and Capita were in and out of the Department of Finance regularly. Will the Minister confirm if that is case? No one is reining them in, as I was told by a member of the Minister's party. He needs to know what these scumbags are doing around the country. The young guns in fancy offices do not give a damn about the people we are trying to represent and perhaps save a life, a family and a farm. It is not big money. I am talking about people who owe between €40,000 and €170,000 or €180,000, and €300,000 is the most. It is not digital money. I offered €24,000 on a €40,000 debt and kept making proposals, but the vulture fund continued to refuse. The person in question is going to sell stock; the family are going to help them to pay the full amount, but the vulture fund has refused, stating it wants costs and 10% interest because I proposed paying one part in March and the second the following March. I have it in black and white in an email. That is the only way I can work to save a family being abroad on the side of the road.

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