Brian Stanley (Laois, Sinn Fein) | Oireachtas source

The Bill before us is very straightforward. It aims to protect mortgage holders or householders from having their mortgages sold on by banks to vulture funds without their consent. We all know what vulture funds are capable of because we meet people in our constituencies who have been their victims. I have come across many such people in my own constituency of Laois-Offaly. Banks have sold mortgages with €150,000 still owing to vulture funds for as little as €50,000 or €60,000. The same offer was never made to the householder because it did not fit in with policy and the Government never included it as part of its policy. Such an offer would have made the mortgage affordable and sustainable for the mortgage holder who was in difficulty.

We are talking here about the same banks into which the State put billions of euro of taxpayers' money in order to save them. Where is the fairness and justice in this, when the State can protect banks and bondholders, including unsecured bondholders, but cannot act to protect the householder?

This Bill is not radical. It is very straightforward and it provides for what is already included in the Central Bank's voluntary code of practice. On its introduction, the former Minister for Finance, Deputy Noonan, said that he expected that the voluntary code would be applied by all institutions but that did not happen. In fact, they completely ignored it and thousands of householders have been affected.

Last year Permanent TSB sold off 6,000 loans, including some in Laois-Offaly. Vulture funds treat such loans as commodities but homes are not commodities for struggling families. We must ease the torment and stress on families who are struggling to pay mortgages. Behind each one of these mortgages is a human story. We must put in place solutions for people similar to the solutions that were put in place for the banks. We must protect the basic right to a secure home.

We have heard various bogus reasons as to why this Bill cannot be enacted, according to the Government. However, when it came to bailing out the banks, the Government was able to rush legislation through this House, through late night sittings, which crucified this generation of taxpayers and their children. No consent, no sale. Deputies should support this Bill and I particularly urge Deputies in government to do so. They should do the decent thing.

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