Michael McDowell (Independent) | Oireachtas source

I endorse what was said by Senator Catherine Ardagh about the need for urgent action on the proposed sale of mortgages and small business loans by banks to what are commonly known as vulture funds. A couple of things must be remembered in that regard as there are two sides to the story. Some people over-extended themselves and owe money which they should be required to pay, if they have it. However, we should not forget the circumstances in which the credit in question was extended to many people. They were extended credit at a time when loans up to 110% of the value of their property were available and in a vastly overheated property market. The banks were chasing people to take out loans. We have not forgotten the letters that arrived unsolicited through our letter boxes offering us cheap credit here, there and everywhere.