Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is obvious the Tánaiste does not have a clue what is happening or what the role of the Central Bank is and what it can or cannot do. There is absolutely nothing that the Central Bank can do to stop vulture funds from issuing letters to mortgage holders telling them to clear their arrears within 30 days or receivers will be appointed because there is no law to prevent that. The banks could also do that but they do not do so because they rely on customers' deposits and loans and have long-term interests here. Promontoria Scariff does not give two hoots, it only wants to make as much profit as it can and get out of here as quickly as possible. That is why it is organising strategic defaults among these customers. There are tenants living in these properties who do not know what is happening but they will soon find out when they are issued with fixed notices informing them to get out of their homes because the funds are not taking any solutions on board. These funds are not dealing with any arrangements. This is happening because the Government is allowing it to happen. It has allowed State-owned banks to sell family homes and buy-to-let mortgages to the vulture funds that do not give a damn about anything beyond making the quickest buck they can make. It is time to stand up and call this what it is. The Minister for Finance knows about this, as does the Central Bank. I have given them all the details. The reason I have named them now is because the owners of these properties and their tenants know that the only thing that can stop this is shaming Cabot, Promontoria Scariff and Cerberus for what they are doing to tenants, landlords and property holders in this State.

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