Maire Devine (Sinn Fein) | Oireachtas source

I am content that the Minister of State is here. It is not personal but I called for the amendment to the Order of Business and I am glad it has been facilitated to respect the House. It is not my area of expertise; I am spokesperson on health, well-being and social protection issues. This issue has touched every corner of the country and all our communities. A vulture is a bird of prey that follows and feeds on carrion. It gathers with the others and hovers around in anticipation of the death of a sick or injured animal or, in this case, a person. It eats the flesh of the dying. It is a worldwide phenomenon and they seem to usurp the power of democratic societies and elected governments. Private equity funds get upset and become outraged when they are called vulture funds. They are pretty sensitive about that. That is tough. Pity on them - if the cap fits they should wear it.

Recently, they have bought up hundreds of millions of euro of distressed assets from the banks and NAMA at heavy discounts. They have no interest in developing relationships with borrowers. They are only interested in seeing a quick return. This is a result of the lack of regulation in the banking sector. They act with virtual impunity when dealing with borrowers and politicians. They are quite dismissive.

There were changes last July but we still have today's scandal of the Permanent TSB sale which is in 75% public ownership. It is a bitter pill to swallow when one goes to the courts with one's friends or people from one's community or neighbourhood and watches the power play in court. It is a David and Goliath situation. People who cannot afford it hope that I, who have no knowledge of the law and little knowledge of court, can be of some benefit to them. All I can do is tell them to keep saying "No" and plead with the judge. I have watched that power play. It is astounding.

I do not know how many people in the country have been to the courts to deal with repossession matters. It is a useful way to experience the lack of empathy and duty of care that the country and we, as politicians, have displayed - perhaps not meaning to - to our fellow citizens and communities. Tranches of houses are gone in the flick of a switch. People are distressed and do not have the money to invest in trying to turn it around because they are up against massive investment by vulture funds.

I am glad to hear from my colleague, Senator Conway-Walsh, that the bank will appear before the finance committee next week. I hope its representatives will explain themselves and say the sale will stop. I hope they will be reprimanded severely. We need to then consider regulation and get rid of them from the country in whatever way we can.