Fiona O'Loughlin (Kildare South, Fianna Fail) | Oireachtas source

I commend my colleague, Deputy Michael McGrath, for introducing the Bill to regulate vulture funds and protect consumer rights related to mortgages and SME loans. Throughout the country people are having sleepless nights and going through the day in a fog of despair and stressed about what might befall them. My colleague, Deputy Shane Cassells, spoke about their dreams going up in smoke and turning into nightmares.

Our core belief is that Permanent TSB and AIB should not be selling loans to vulture funds. My party and I are on the side of the mortgage holders who are making an honest effort to repay their mortgage. The Minister is failing to protect adequately borrowers who have found themselves in arrears, despite the majority co-operating with their lender. It is neither acceptable nor good practice to allow vulture funds to be unregulated. We must think of the social and human cost of this behaviour.

It is important to note that the Central Bank of Ireland sought the power to regulate loan owners, not just the intermediaries, but the Government has still not brought forward the legislation to deal with the matter. It is, therefore, up to Deputy Michaejl McGrath and the Fianna Fáil Party to deal with it. The bottom line is that it is the loan owners who make key decisions such as the setting of the interest rate and, crucially, when to enforce a loan. They do so beyond the reach and control of the Central Bank of Ireland.

As of now, 11,314 family homes and 6,778 buy-to-let properties are owned by unregulated loan owners. Potentially, Permanent TSB could more than double that number. This is not normal banking and the Government cannot wash its hands of the issue. It has a moral, civic and social duty to ensure it deals with it properly and appropriately. In commending the Bill to the House, it must be treated as priority legislation. Deputy Michael McGrath, the Fianna Fáil Party and I will not allow it to gather dust. It must be enacted with speed and haste.

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