Paul Murphy (Dublin South West, Anti-Austerity Alliance)
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47. To ask the Minister for Finance if he will report on meetings he and his officials have had with so-called vulture funds since 2011; his views on NAMA transferring loans to such funds; and if he will make a statement on the matter. [1748/17]

Michael Noonan (Limerick City, Fine Gael)
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Ireland's national debt levels and dependence on international support at the time of the crisis, prohibited the State from directly investing in the distressed assets resulting from the crisis.  Exposure to the banks, IBRC and NAMA each became exposures of the taxpayer net liabilities - that had to be reduced for the State to regain financial stability.

Interest from the capital markets led to much needed capital investment in our economy during periods of high risk and uncertainty.  This investment allowed us to make important financial adjustments across our system, in particular deleveraging and addressing liquidity concerns of our financial services system, which includes the individual bank asset sales programmes, now largely complete, the liquidation of IBRC and the ongoing disposal of NAMA's assets.  Without this investment Ireland would be experiencing a much more difficult recovery.  Similarly, Ireland would not be recovering so strongly had NAMA not progressed its mandate in the manner it has.  It has only been through the sale of these assets and the accompanying investment that these assets have recovered and are contributing to our broader recovery.

The timely sale and the accompanying investment in these assets is making a strong contribution towards our broader recovery.  Think of the numerous renovated hotels, finished housing estates, commercial property developments, ongoing residential developments and the commerce and jobs this creates.  All of this is a direct result of investment in Ireland, much of it by the acquirers of these loans.

A key objective in each of these deleveraging processes has been to achieve the best possible financial return for the State.  With asset disposal processes occurring and set to continue in both Ireland and across Europe, Irish institutions have and will continue to face competition for investment capital as they seek to achieve the best possible financial return. Ireland is a small open economy and as such we do not discriminate between domestic and international investment capital.

It is a matter of public record that I and my officials have met with many parties over the past number of years with a view to encouraging investment in Ireland. These meetings included global investment funds who have purchased or may be interested in investing in Irish assets.

The Deputy will be aware that the Consumer Protection (Regulation of Credit Servicing Firms) Act seeks to create a consistent level of consumer protections for borrowers regardless of the owner of their loan.

Similarly, all tenants and landlords of residential rental properties across Ireland have the same rights and obligations regardless of who owns the property as set out in the Residential Tenancies Act, 2004 - as soon to be amended.

Paul Murphy (Dublin South West, Anti-Austerity Alliance)
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48. To ask the Minister for Finance his views on reports in the media (details supplied) regarding the mass sale of properties in County Limerick to a vulture fund by NAMA; his views on reports in that article that he met with vulture funds to encourage them to come to Ireland; and if he will make a statement on the matter. [1749/17]

Michael Noonan (Limerick City, Fine Gael)
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In 2016, NAMA sold loans, the debtor for which I understand, owns the units in question in the Strand apartment buildings.  As is NAMA's policy, in order to minimise disruption to tenants, the owner did not seek vacant possession of these apartments in advance of NAMA's sale of his loans.  Furthermore, the sale of his loans by NAMA did not alter the lease terms or the statutory protections of the tenants.  I want to make it clear that, as it does not own the property, NAMA has no role in the landlord - tenant relationship. Equally NAMA cannot impose conditions on a buyer of its loans nor on the owner of the underlying property following a loan sale.

Rather than demonising certain lenders or landlords, we must ensure that an appropriate level of protections, obligations and responsibilities apply consistently for all tenants and all landlords.

Landlord-tenant rights are governed by multiple pieces of legislation, mainly under the aegis of the Minister for the Housing, Planning, Community and Local Government.  This legislation attempts to balance and protect the rights of the tenant and the landlord and sets out the specific limited circumstances under which landlords are able to seek vacant possession of properties.  These restrictions apply to all landlords regardless of who owns their loans.

Under Pillar 4 of Rebuilding Ireland, an amendment to the Residential Tenancies Act was brought through the Oireachtas in December 2016 as part of the Government's rental strategy.  The effect of the provision is to require that tenancies are protected where a landlord or investor wishes to sell more than 10 properties in a single development.  

I note that, on Friday 13th January, the Minister for Housing, Planning, Community and Local Government confirmed that the owners of the apartments referenced in the question are writing to the effected tenants to withdraw the previously issued termination notices and to confirm that they will abide by the spirit of the amendment to Section 35A of the Residential Tenancies Act which is expected to come into effect this week. 

The decision by the owners comes after contact from Minister Coveney in which he asked that the spirit of the amendment to Section 35A would be respected, in advance of into coming into effect, to ensure that the existing tenancies are unaffected by a transfer of ownership.  The owners replied formally to the Minister to confirm that it would respect the change and that it would be writing to tenants to confirm withdrawal of the original notices.

I am sure the Deputy, and residents of the complex, will welcome this announcement given there was no legal requirement for the property owners to take this approach.  I commend the owners for respecting the will of the Government and the Oireachtas.  This shows the value already of some of the measures contained in the Government's strategy for the rental sector and the importance of a partnership approach by all players; tenants, landlords, housing providers, local and national Government.

These measures are accompanied by a number of other actions to enhance the Residential Tenancies Board's enforcement and dispute resolution powers. These include faster processing of determination orders, the reduction in period for appeal to Tribunals, and the use of one person Tribunals. Tenants and landlords alike will therefore see a number of improvements as a result of these legislative changes.

Any tenant who believes that their legal rights are being compromised should bring their concerns to the Residential Tenancies Board which has the power to ensure their rights are upheld.  This includes cases where a tenant believes that a termination notice has not been properly served.