Tim Lombard (Fine Gael) | Oireachtas source

The policy among banks previously was all about communication. It was about having the conversation, whereas the role of bank manager is now defunct. They are like the parish priest; they do not exist any more. There are no bank managers. If you want one, you should call a phone line, and that is the first issue we have. The problem with vulture funds is that even if you call them, you will not get a response or acknowledgement. The Minister of State made an interesting point when she stated that if a client did not respond, he or she would be considered not to have engaged, but on the other side, there seems to be no acknowledgement of that happening, and that is a big issue for clients. The majority of these people are able to pay; the problem is they cannot engage because they are not able to talk to these entities or individuals.

The Governor of the Central Bank needs to take a completely different look at what is happening. The movement in the marketplace in the past six months with respect to vulture funds has been frightening. They have moved on properties that relate to assets that are worth multiples of the loan. They are then selling them in online auctions, without having carried out due diligence regarding title deeds and everything else, and they are getting only a fraction of the value. That is the other issue. They dispose of properties but get only a fraction of the value because of how they handle the sale. This is a massive mess. The Central Bank needs to be brought in and spoken to about this issue. Otherwise, the wild west out there will continue.