Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I thank Deputy Micheál Martin and the Fianna Fáil Party for raising this issue. I know there is considerable concern about it at the moment. It is important to put some facts on the table before we begin this discussion. First, Permanent TSB has not yet sold any of these loans. It has not yet put them on the market and it has not found a buyer. There is an assumption that the buyer will be a so-called vulture fund but that may not turn out to be the case. Permanent TSB has not yet consulted the Minister for Finance on the sale, but it is required to do so when the sale is at a more advanced stage. We do have time, some weeks or perhaps some months, to put in place any new additional protections that might be required. The Government very much stands on the side of people and families who are making an honest attempt to settle their debts, pay their mortgages or pay down their personal or business loans. It is very much the job of Government and of this Oireachtas to ensure that people and businesses have the protections they need. If additional protections are required, we are certainly open to considering them.

I acknowledge the work of Deputy Michael McGrath on this matter. He has made a strong case. I understand that he published a Bill this morning, which I have not yet had the chance to see or review. I have asked the Minister for Finance, Deputy Donohoe, to meet him this week to explore how we might work together to put in place any additional protections that may be necessary. Obviously, this will have to be done within the constraints under which we are operating. The Single Supervisory Mechanism has determined that Permanent TSB is carrying too many non-performing loans. It is a bank that employs 2,500 people, has 1 million customers and holds €17 billion worth of their deposits, so it is necessary that the bank continue to improve the health of its balance sheet in order to protect its customers and staff.

As already stated, Permanent TSB has not yet sold these loans. It has not yet found a buyer. It is speculation to suggest that the buyer may be a so-called vulture fund. The bank has not yet formally consulted with the Minister for Finance but it is required to do so before any sale is made. As I have said, we have time to put in place any further protections that may be required.

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