Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister likes to give the impression that he has rolled up the red carpet after his predecessor Deputy Noonan rolled it out for the vultures. A clear commitment was given, however, on ensuring that the code of conduct would extend to vultures mandatorily requiring them to provide a suite of options which included mortgage-to-rent and split mortgages. Of course they have to fulfil the terms of the agreement made on any loan that is sold to the vultures, but they do not offer that as a rule. They do not offer that to people who are in trouble. As we see more and more loans being sold while the Minister sits on his hands and allows State banks to sell their loans to the vultures, we will see more legal routes taken. That is without doubt.

AIB has announced that it will sell another €1 billion worth of loans which will end up in the hands of vultures. The Minister should do the right thing. He should not sit idly by. He should say very clearly that the State-owned banks should not be selling loans to vultures but that they should be doing the heavy lifting themselves, working through these loans on a loan-by-loan, case-by-case, basis, offering split mortgages and mortgage-to-rent and the full suite of solutions that the banks do not offer on what is allowed under the Central Bank's rules.

This is a commitment and much was said about this at the time of the negotiations for the partnership Government, which the Minister has completely abandoned. In abandoning it, he has abandoned homeowners whose loans are now in the hands of vultures.

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