A number of Deputies wish to raise the same issue so their questions will be taken together and replied to with one answer.

On the programme for Government commitment to protect homeowners, it is fair to say that the Government stood back from NAMA when it sold distressed loans to vulture funds and it also stood back from the non-Irish banks when they sold their distressed loan portfolios. We have seen the fallout and carnage of that in terms of how people were dealt with by the vulture funds, which are unregulated, and how they were dealt with by the credit servicing agencies. This is no longer acceptable. We need to consider the introduction of legislation to deal with the banks that are owned by the Irish people. It was the Irish people who bailed out these banks.

I could cut off the questions.

I have been contacted by people from my constituency who are engaged in farming and business and who are homeowners. It was stated earlier that we just have to step back and allow the banks to repair themselves.

I may have to apply the 15 minute rule. The Deputy is depriving other Members.

That is not acceptable anymore. We need Government legislation to block the sales of these loans.

On that subject, the substance of which I have raised on numerous occasions in the past six months, this is a new issue presenting.

It is not new.

It is an issue that I believe can be resolved. I refer particularly and specifically to those who have tried to meet their mortgage repayments and have consistently kept in touch with the lending agencies. These people have broken no rules. They have ended up in this situation owing to issues arising which were outside of their control. I have been in touch with the Minister for Finance on this issue and I have drafted the skeleton of a Bill which might deal with it. The Bill seeks to amend the code of conduct, which is in the hands of the lending institutions only-----

A question, please.

-----and as a result they are rejecting all of the options being put forward. I ask the Tánaiste to take into account the hardship likely to be caused to homeowners, small business owners and small farmers the length and breadth of this country.

The confidence and supply agreement and the programme for Government contain a clear commitment to provide greater protection for mortgage holders and SMEs whose loans have been transferred to non-regulated entities - vulture funds - but this has not happened. The reality is that the banks are looking to outsource their dirty work. They do not want to go through their loan books, engage, restructure and take whatever steps they need to take. They will not do that. There is no compelling reason for them to sell large loan portfolios in this way. They are under pressure from the European Central Bank to reduce their non-performing loans but they can do so by working through their loan books. The reality is the vulture funds are not regulated and they are not accountable. The Government needs to step in and prevent these loan sales.

I am sure the Tánaiste has a strong sense of the urgency around this issue in terms of it having been raised this morning by Fianna Fáil, Sinn Féin and by members of Fine Gael. There is an urgent need to introduce legislation to protect mortgage holders, particularly families, from the vulture funds. Permanent TSB has announced that it proposes to sell off thousands of loans. AIB will follow suit. We have to do something immediately. As the people elected to protect Irish citizens if we do not do something now, by which I mean this week, to protect these people, they will be at the mercy of vulture funds who have been ringing them daily causing huge distress.

The first obligation of Government is to keep its people safe. This Government is not keeping the people safe.

Hear, hear.

It is throwing them to the vulture funds.

Hear, hear.

There is only one action that will stop this.

It is a matter for the Government to tell the banks we own that they are not allowed to sell the mortgages in distress until a one-to-one resolution has been worked out with each and every individual affected.

Hear, hear.

Those who own the mortgages should be given an opportunity to buy at the same price that will be offered to foreign vulture funds, which were invited into this country by the Government.

Deputy Michael Noonan.

It is a disgrace that they do not appear before the finance committee to be accountable and transparent to this House. They have caused loss of life in this country and their activity has resulted in the loss of SMEs. We are now going to cause people further difficulties by giving the loans to the vulture funds. Will the Government take the action that is necessary now-----

We will support it.

-----to ensure the loans are not sold on to vulture funds? His reply earlier to Deputy Calleary was nothing short of a disgrace.

The Tánaiste has got an idea.

I answered this question earlier. I take the genuine concerns-----