Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I know the Minister of State is only replying on behalf of her colleague, so I do not expect her to be able to answer all questions herself. To my mind, however, the simple fact is that the Central Bank is only concerned with ensuring its debt ratios are achieved. It was a cheerleader for the banks to sell off distressed assets to vulture funds in order that the bank's ratios in terms of non-performing loans would be achieved, the balance sheets would look healthier, it would be the best boy in the class and to hell with the customer the bank missold a product to. Let us not forget that the banks got it wrong. It was all blaming the customer because they borrowed too much, but in many instances the banks lent too much and did so because they were receiving commission on the back of sales. We learned earlier this month that the Central Bank was disbanding the consumer protection division within the Central Bank. Forgive me if I am not jumping up and down with excitement that the Central Bank has the consumers' interests at heart. I do not believe it does.

Because the vulture funds are dealing with non-performing customers, they have broken their contract. I will admit that sometimes consumers ignore it deliberately and engage in trying to manipulate the contract and trying not to pay what they need to pay. By and large, however, where people are trying their best, where they are coming forward with proposals to restructure, where they are looking for some sort of debt forgiveness based on the fact the vulture funds have bought the product at a much reduced rate, I do not believe we are doing enough to support these people. Will the Minister of State bring that back to the Minister, Deputy Chambers, to ensure we do more to support people who are making legitimate attempts to keep the family home and the roof over their heads?

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