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

The confidence and supply agreement and the programme for Government contain a clear commitment to provide greater protection for mortgage holders and SMEs whose loans have been transferred to non-regulated entities - vulture funds - but this has not happened. The reality is that the banks are looking to outsource their dirty work. They do not want to go through their loan books, engage, restructure and take whatever steps they need to take. They will not do that. There is no compelling reason for them to sell large loan portfolios in this way. They are under pressure from the European Central Bank to reduce their non-performing loans but they can do so by working through their loan books. The reality is the vulture funds are not regulated and they are not accountable. The Government needs to step in and prevent these loan sales.

See this speech in context