Tim Lombard (Fine Gael) | Oireachtas source

I thank the Minister of State was more than welcome to the Chamber. I am raising this issue about the vulture funds and the regulation in place to ensure appropriate dialogue is in place between both the client and the vulture fund itself. I raised this issue on the back of meeting several people in west Cork in the past two to three weeks. O'Donovan's Hotel in Clonakilty is probably the one that is being well-talked about at the moment. This is a family hotel of seven generation standing being hounded out of business by a vulture fund. The hotel has put significant offers on the table and it cannot get a response.

It is not just O'Donovan's Hotel in Clonakilty. I am dealing with farmers from the Bandon area and two different shopkeepers in Kinsale and it is like the wild west at the moment. The vulture funds have come into town, have looked at portfolios that have value and want to appoint a receiver to close up shop. What is happening is completely chaotic.

AIB and its involvement in the scandal also has to be mentioned. It sold the majority of these loans, moved them on for very small money and did its best to wash its hands of clients that were with the bank for generations.

There is one vulture fund in particular called Everyday Finance DAC, about which I have the issue at the moment. We cannot deal or make contact with it here. It is working to a law unto itself and the Central Bank needs to do appropriate work to ensure these funds are regulated appropriately.

We are looking at companies in a scenario where receivers are being appointed-----