Thomas Pringle (Donegal, Independent) | Oireachtas source

The role of vulture funds in Ireland expanded dramatically when Fine Gael and the Labour Party came to power. The same is true now that Fine Gael and the Independents are in power. They have become a terrifying new breed of landlord thanks to a Government the policies of which lured them here in the first place. Their existence is a symptom of a complacent Government prioritising private sector interests over those of ordinary people. Vulnerable homeowners have become fodder for vulture funds. They are not only struggling to pay off mortgage debt, but they could also face homelessness if the State fails to intervene in the selling off of PTSB loans. While sales such as this are not new, the level of sales sets a new precedent for the behaviour of vulture funds, banks and the Government. Since Fine Gael came to power, Ulster Bank has done the same. In 2014 the former Irish Nationwide Building Society which was under State control offloaded 13,000 home loans to vulture funds. It is important to acknowledge that while the Bill seeks greater regulation of the powers of vulture funds, not just of the funds, it will not be passed in time to prevent the sale of the PTSB loans.

We cannot be naïve about this. We all know how long it takes for even Government Bills to get through the House these days, let alone Private Members' Bills. Therefore, the Government needs to intervene now. Arguments suggesting it could not possibly intervene in the market are nonsense because it has been done before. Need we remind the Minister of the unprecedented level of intervention by the State as part of the bailout? It also seems to have been forgotten that we now own the majority of the banks. The State owns 75% of PTSB. In essence, we can and should intervene. The behaviour of the banks towards its customers, the State and the democratic institutions of the country is simply unbelievable. Writing down debt is the option, although it is far from the mind of Fine Gael. It would make more sense to write down the debt in a State-owned bank than to extract money from homeowners through financial torture. The Minister, on our behalf, could instruct the bank to repay the people who have bailed it out. That is what he should do.

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