Bobby Aylward (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Although I must be brief, I could speak for much longer on this issue as I have received dozens of emails from concerned constituents in the past week. I commend my colleague, Deputy Michael McGrath, on bringing forward yet another piece of impressive legislation in an effort to protect those in mortgage arrears. We are bringing forward this Bill to regulate vulture funds and protect consumer rights when it comes to mortgages and SME loans. Fianna Fáil believes PTSB and AIB should not be selling their loans to unregulated loan owners or vulture funds, as we all know them. They should instead be working through their non-performing loan book. Fianna Fáil is on the side of the mortgage holders who are making an honest effort to pay their mortgages. In addition to the Bill, the consumer protection code and the code of conduct on mortgage arrears need to be reviewed and made stronger.

Unfortunately I do not have time to go into the finer details of this Bill or the positive effects it will have in helping those in mortgage arrears. I want to read into the record three quotations from emails I received in the last week from those who took the time to contact my office to express their concerns. The first says: "It seems crazy that our banks are allowed to sell off loans to foreign, absentee landlords at prices they would not take from a distressed borrower who might otherwise refinance." Another states:

I am writing to you on behalf of thousands of homeowners living in Ireland. Those homeowners live in constant fear of losing their homes and becoming statistics. If we do not take definite action soon, homelessness in Ireland is likely to increase.

Finally:

[T]he news that PTSB is about to sell up to 20,000 mortgages to vulture funds has me very concerned. We already have a huge homelessness problem in Ireland and I think this move could potentially add to it by evicting more people from their homes.

Everyone in this country really helped out the banks by more than €60 billion. Now is their chance to repay the people and the distressed mortgage holders. AIB made a profit of €1.6 billion last year and paid dividends of €300 million to its shareholders, yet we want to bury people who are in mortgage arrears. I think we should start balancing the books here.

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