Mattie McGrath (Tipperary, Independent) | Oireachtas source

I am deeply concerned about the fraudulent activities by vulture funds that include the Irish courts and, indeed, the Land Registry. Over the past few weeks, I shared crucial details with all Deputies, including the Minister for Agriculture, Food and the Marine, outlining misconduct in the banking system. This misconduct has significantly affected our economy, the lives of many homeowners, family farms and small businesses. The documents provided by Mr. Edmund Honohan, Master of the High Court for many decades, have my full support. They concern the rights of homeowners, farmers and business owners who are suffering due to an unfair system that is stacked against them completely.

Deceiving the courts and homeowners is a very serious matter. I hope the Minister agrees. Inviting vulture funds to come to the country was bad enough but allowing this carry-on is absolutely reprehensible and disgraceful. Fine Gael and now Fianna Fáil and the Green Party allowed the banks to sell off loans without any requirement to update Land Registry records. The has caused widespread confusion, malpractice and blatant deception which is causing thousands of families to lose their farms and properties in this country.

The courts are not complying with a new EU repossession directive meant to protect the interests of those struggling with mortgage arrears. The reason for this is that the Government has failed to transpose this EU directive. Why has it not been transposed? Is the banking and vulture fund lobby that strong? The courts' non-compliance and Government's inaction are despicable and deeply unfair. It gives distressed borrowers no protection whatsoever while it gives a free hand and a massive advantage to the vulture funds.

Currently in Ireland there is no organisation protecting borrowers, unlike what is available to landlords and tenants under the Residential Tenancies Board, RTB. Distressed homeowners are facing expensive court proceedings which many cannot afford. It is totally unfair given the might of the banks and vulture funds which can roll out the best of law firms. The EU directive suggests a mediation process that would be fairer to people dealing with mortgage arrears. It is imperative that the Government enacts this directive into law, preventing vulture funds from continuing their unfair and disgraceful practices. The Government must act swiftly to halt the vulture funds from selling more people's homes.

Judges need to be upskilled and updated on the law that has been in place in Europe since 2019. Why are we not paying heed to that? We need an upskilling and re-education of members of our Judiciary every so often. Laws change and it is very hard to keep up with them. Currently the laws are not being enforced in our courts and this cannot be allowed to go on. The lawyers representing the vulture funds are providing false evidence in repossession cases, causing significant harm to people and their homes while the Government remains silent. This cannot be allowed to continue either.

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