Paul Coghlan (Fine Gael) | Oireachtas source

I am concerned that these equity houses, the so-called vulture funds, have snubbed the Oireachtas by failing to appear before the Joint Committee on Finance, Public Expenditure and Reform and the Taoiseach. When I was a member of that committee during the previous Seanad, I proposed and it was agreed that we invite them to appear before it. They more or less told us to mind our own business. I understand that this is possibly happening again. That is not good enough. The committee, and one of its members is seated on my right hand side, have engaged with the Central Bank, the banks, individual borrowers and market experts, all of whom had valuable things to say about the banking and financial crisis. These funds, which collectively own billions of euro of distressed debt are refusing to engage with the committee or to allow the legitimate concerns that genuine people have put to all of the Members to be addressed.

I urge the Leader to explore measures to seek to compel these funds to attend before the Oireachtas and to explore what legal steps are required to ensure their co-operation. Their stake in the lives of thousands of our citizens is too ingrained to allow them to shun the legitimate and well intentioned work of the Oireachtas. These people do not understand the softly softly approach. Compelling them to attend may be the only way to go. I ask the Leader to pursue this further as this would be of assistance to the Joint Committee on Finance, Public Expenditure and Reform and the Taoiseach.