John Curran (Dublin Mid West, Fianna Fail) | Oireachtas source

I compliment Deputy Michael McGrath on bringing forward this legislation. As we debate the Bill, there are thousands of people around the country who are concerned that their mortgages may end up in the hands of vulture funds. The reason is that vulture funds do not have the interest to work out long-term solutions. Their sole interest is to move the loan on as quickly and profitably as possible. People are in real concern and fear of losing their homes. In that regard, the Bill offers some line of defence to try to bring a level of regulation to vulture funds that does not exist at present. The intermediaries or agents on behalf of the vulture funds are regulated but not the owners themselves. That is a significant issue. I believe that if a greater level of regulation on the owners of funds was in place, the vulture funds might not have the same level of interest in these loans. That is important.

I listened to the Minister's contribution and have read it again. It is imperative that this legislation is dealt with in advance of the threatened sale by PTSB and AIB of their distressed loans and mortgages. The Minister has indicated that he will work with Deputy Michael McGrath on bringing the Bill to fruition as quickly as possible, maybe redrafting rather than doing Committee Stage amendments. I urge the Minister to deal with it in such a manner that he can be sure and we can be confident the provisions will be on the Statute Book before any of these lending institutions begin to sell their loans. If he does so, I believe the vulture funds will not buy the loans and, more importantly, those who have homes and mortgages and are under pressure at the moment will have some sense of security that a longer-term solution can be worked out for them and they will have the opportunity to remain in their own homes.

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