Dessie Ellis (Dublin North West, Sinn Fein) | Oireachtas source

I do not know if the Minister of State heard that this sale included performing loans and Permanent TSB has admitted that. The Minister of State did not give an explanation regarding how these ended up in this portfolio. Why were local authorities and others not given an opportunity to bid on these units?

6 o’clock

What contact was there with the Minister? The Minister of State is saying the Minister will not interfere. Surely the Minister must give an opinion. He must call people in and tell them he does not agree with what they are doing, not necessarily to interfere with what has been agreed but to make his point clear that this involves ordinary people. Some of the loans are performing and people could end up homeless or out on the streets as a result of this deal. We have no guarantee that will not happen. We saw this with NAMA when all the properties were sold off. It was another tragedy. It could have helped solve the housing crisis but rental properties and private houses were sold off in large numbers. PTSB is 75% owned by the State. It is absolutely calamitous. It is wrong and the Minister of State and anyone with a bit of sense knows that this does not make sense. From the sound of it, this is a done deal. It is done and dusted and we are now picking up the pieces. In the future, we will pick up the pieces of some of these people who will be left on the streets. That is what will happen. These vulture funds are not buying these for the good of their health. They are out to make a killing. That is what they are doing. They are getting reduced rates instead of offering it to the people who have these mortgages. The same deal should be offered to them.

See this speech in context