Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

Three weeks ago, people were horrified when they read in the Irish Independentthat Permanent TSB was to sell off 20,000 mortgages. Family homes, small businesses and farmers were going to be left to deal with vulture funds, unregulated bodies whose sole desire is profit at all costs. The bank in which the Government is a majority shareholder was going to stand idly by. Thanks to Deputy Michael McGrath's contribution tonight, we know the EU is not forcing this issue. We should not be surprised, however. This and the previous Government have bent over backwards to facilitate the banks. They welcomed and facilitated vulture funds into our country. Rather than give the original borrower a deal, they gave an unregulated foreign entity an opportunity to come in here and make a killing. They have enabled the banks to offset their losses against any profits for up to 20 years. They continue to allow our banks to charge huge variable interest rates when the rest of Europe is charging much less.

Banks are not to be trusted. I have been working with couples and borrowers in recent years and have been watching the banks procrastinate, stall, delay and do anything rather than deal with customers who are engaging and who do want a resolution. If that is the behaviour of a regulated financial institution, what would it be like to be dealing with unregulated entities? Behind every mortgage and borrowing is a person and a family. What the banks are doing to ordinary citizens is nothing short of disgusting. While I welcome the Government's decision not to oppose this legislation tonight, what we need to see now is action. The Government must stop coming down on the side of the banks and must start coming down on the side of the ordinary citizens and customers.

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