Paul Coghlan (Fine Gael) | Oireachtas source

I raise the issue of debt investors or vulture funds. I am concerned about the activities of Pepper Asset Servicing and other credit servicing firms, particularly their activity since the onset of the financial crisis. I am sure Senator MacSharry will have heard much about these firms. We have heard from all the main banks on their management of people in mortgage distress, but we have nothing from these debt investors or vulture funds which have acquired a large number of bank loans at a discount. Often loans that are in distress will have had credit servicing firms appointed to them to have the loans managed on behalf of a bank. Thousands of home owners and businesses deal with these firms but we have not heard from their representatives. One entity, Pepper, has bought debt directly from banks and is a debt investor. It also acts as a credit servicing entity for other debt investors and may provide an insight from two perspectives. It was reported last May that one of these firms had a house owner committed to prison for failure to honour a court order relating to repossession of a family home. These entities have largely escaped any political review, which is not good enough, and that is why I raise the matter.

I congratulate and compliment our inspector of prisons, Judge Michael Reilly, for the very fine report he delivered yesterday, to which Senator Bacik referred. I echo the Senator's concerns about some of what he had to report. Perhaps when we are in a more reflective mood down the line, we could deal with the issue and it could be suitable for debate. I will leave that with the Leader.