The vast majority of us in the State have been trying to live with Covid and support the measures put in place to save lives and livelihoods. Unfortunately, the same cannot be said of everyone. Some financial organisations are only too happy to prey on misery and distress, some of which has been generated by the Covid pandemic. This is particularly true of those vulture funds that have initiated a vicious cycle of ruthless activity involving the forced sale of hundreds, if not thousands, of farms across this State. Indeed, earlier this week Declan O'Brien of The Farming Independent reported that there has been a renewed upsurge in forced farm sales by these funds. This has involved the adoption of an extremely aggressive approach by these lenders since the end of the Covid-19-related moratorium on forced sales. The same report also noted that personal insolvency practitioners and farmer organisations, such as the Irish Cattle and Sheep Farmers Association, the Irish Creamery Milk Suppliers Association, ICMSA and the Irish Farmers Association, IFA, have been sounding the alarm on this issue for years. Yet, nothing has been done by the Government.

The picture emerging from across this State is absolutely horrendous. I have taken calls from some very distressed constituents. This matter is of profound concern to many farmers who are trying their level best to engage with lenders regarding debt management and repayment. As I understand it, personal insolvency practitioners have also sounded alarms on this issue. They have stated that some farm sales are even being forced through without any prior notice being given to the farmers involved. I am aware of one case where a farmer was informed by his neighbour that his farm was up for sale online. That is disgraceful. We need Government action on this issue.

As I understand it, several of these forced sales have been denied through the application of protective certificates under the personal insolvency legislation. This is not a new issue. We need much more action from the Government. We cannot allow this ruthless activity on the part of vulture funds to continue. In 2018, farm organisations, including the IFA and the ICMSA, warned the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, that there was an urgent need to put in place a greater degree of enforcement by the Financial Regulator in respect of the protections offered to farmers. The 2018 IFA submission noted that "Vulture funds take a short-term approach to the loans acquired and are not generally interested in working out a long-term debt resolution with the customer". This generates real and lasting damage, as the sale of assets damages the underlying viability of family farms. This is a particular problem for farms where the value of security held is often far in excess of the debts. Here we are, almost three years later, with a hard Brexit overshadowing Irish agriculture and a reformed fair deal scheme for farmers still not finalised and yet there is no movement on this issue. Where are the protections for farmers against vulture funds? What is this Government going to do to stop this ruthless aggressive activity?

It is important to say at the outset that people have a responsibility to repay their debts. If people borrow money, they have a responsibility to pay it back. That is true for mortgage holders, farmers and business people. If people do not pay back their debts, they are causing social harm. Farmers not paying back their debts means that is harder for other farmers to get credit and that they have to pay higher interest rates when they do. Business people not paying back their debts also has an effect in that it will be harder for other business people to get credit and that they will also have to pay higher interest rates when they do. People not paying back their mortgage debts also makes it harder for other people to get mortgages in the first place and it will also mean that they will also have to pay higher interest rates when they do. We need to be frank and honest about the fact that people not paying back their debts causes social harm to others. It is not just a case of not paying money back to the banks or other financial institutions.

Having said that, I believe strongly that people who make an honest and reasonable effort to pay back their debts as best they can, whether that means over a prolonged period or by means of a restructuring of the debt, should be facilitated. Nobody wants to see anybody losing a home, a business or a farm. Generally speaking, the courts are sympathetic in those circumstances. I do not see how a sale of a farm or a business could occur if there had not already been repossession hearings in a court, because that would have to happen first. Courts in Ireland do not grant repossession orders lightly. The number of such orders granted is very low. It must be borne in mind, therefore, that many protections already exist. I encourage people to engage with personal insolvency practitioners and banks and financial institutions to try to find a solution to their debts, where that occurs.

I am shocked by the Tánaiste's lack of understanding of this issue. These vulture funds are ruthless. I know farmers who are doing their level best to engage with the financial institutions, but these vulture funds are faceless entities. I am shocked that the Government is happy to let them run riot and cause misery and distress to people. I am not for one second saying that we should not get people to pay their debts. There are, however, people who are genuinely trying their best and they are not being afforded space or fairness.

Solutions were put forward on this matter. My colleague, Deputy Mattie McGrath, was involved in tabling legislation relating to vulture funds several years ago. The IFA has also stated that the first thing needed is regulation of the vulture funds. The Tánaiste is stating that such regulation is not needed. I do not think he understands the gravity of the situation in rural Ireland. As the IFA has observed, it is simply unacceptable that farmers who gave security to long-standing institutions and pillar banks can have that security sold to faceless entities that may not be answerable to anybody. I am asking the Tánaiste to ask the Minister for Finance if he will roll out meaningful protections for farmers, because there are no real protections. That Tánaiste and his Government cannot stand over this ruthless land grab.

Regulations and protections are in place. Perhaps those regulations are not strict enough or those protections strong enough, but we are of course always open to hearing proposals that might strengthen protections for borrowers or the regulation of financial institutions. We have done that in the past and it is something we remain open-minded about into the future. It must be borne in mind that all of these circumstances and individual cases are different. Often, the story which we hear is not always the full story when we look into it. If people have borrowed money, they have a responsibility to pay it back and find a mechanism by which they can do so. Ultimately, people not repaying their debts cause wider social harm to others and we must be honest about that aspect.

Talk to Brian Hayes.