Paul Coghlan (Fine Gael) | Oireachtas source

I wish to raise the serious matter of a clear and direct snub to the Oireachtas by some of the so-called "vulture funds" that have been operating in the Irish market since the downturn. Following media reports concerning the jailing of a borrower at the behest of a vulture fund earlier this year, I secured the agreement of the Joint Committee on Finance, Public Expenditure and Reform to invite representatives from some of the vulture funds operating in Ireland to appear before it. There was a unanimous decision of the committee to invite them to appear and a meeting was scheduled for Tuesday next, 9 December. However, I have been informed that all of them have refused to attend. As Members of the Oireachtas, we have a duty to represent the general public and many people with personal home loans and business loans have found that their banks have sold off their mortgages to these debt investors. We have heard from the banks on how they treat people in mortgage arrears but we have not heard from the debt investors and there are real concerns that people are not being treated fairly, with strong indications that some of these entities have been behaving disgracefully by jailing people whose loans they have bought and breaching the terms of personal insolvency agreements by putting pressure on customers who had reached a deal.

There are real concerns at the extent of the discounts at which some loans were acquired and questions as to whether borrowers were getting a fair deal or were being screwed by these companies. These vulture funds are unaccountable and, unfortunately, largely unregulated in Ireland. They are in line to make considerable profits from the loans they acquired from Irish banks. That is fine but they cannot gouge huge profits on the backs of distressed borrowers. As they have apparently declined a reasonable invitation of the Joint Committee on Finance, Public Expenditure and Reform to appear before us we need to ensure they do not give this Parliament the slip, hoping that they can spin us along until the election. I am sure there would be widespread support in this House for measures to make these vulture funds accountable and responsible. We can look at compelling them to attend and should probably widen the review to other funds operating in the market in Ireland. I will speak to my colleagues on the Joint Committee on Finance, Public Expenditure and Reform but I hope I have the support of this House in seeking to hold these entities to greater account.