The O'Donovan family in Clonakilty has been in business for seven generations. Tom and Dena O'Donovan have been in business for 44 years running a viable town centre hotel with 21 bedrooms and two apartments, employing 70 people in the heart of Clonakilty. In 2007, they took out a business loan with AIB under a 30-year repayment plan. Several months later, Ireland had a bank meltdown and AIB hit the O'Donovans with changes to their repayment plan, reducing it from 30 years to 12 years. There were no negotiations whatsoever. Obviously, the O'Donovans objected to the way their repayments were changed by AIB. Anyone who has an agreed loan plan has the right to expect the bank to honour it. AIB railroaded ahead with the restructuring and a suggested five-year review. The O'Donovans sold family property to assist with the restructuring and continued to pay the new sum. Astonishingly, the O'Donovans discovered that, unknown to them, their loan had been sold to a vulture fund, Everyday Finance. AIB then closed their bank account in Clonakilty and transferred the account to Fermoy, taking it from ten doors away to 90 km away. In anyone's view this was to stop the O'Donovans from engaging with the local bank.

As far as I know, by law a bank can only sell on a performing loan to a third party that offers the same facility. AIB did not do this. The O'Donovans tried to engage with Everyday Finance but it made it clear that it is not interested in piecemeal repayments, only large lump sums. At one stage it suggested throwing a few million up on the table. As the O'Donovans are unable to figure what they now owe Everyday Finance their accountant advised the family to make no further repayments. In all this time there has been no communication. The O'Donovans are led to believe the loan was purchased for approximately €365,000. To try to start engagement with Everyday Finance the O'Donovans offered €800,000. That was well over double what the loan was bought for. This was rejected by Everyday Finance. Subsequent increased offers have been rejected. No gesture to engage has been afforded to the O'Donovan family other than rejection to their offers one after another.

In 2022, a receiver was appointed who sent a representative to one of the clothing shop premises belonging to the O'Donovans, in full breach of the general data protection regulation, GDPR, and in front of customers and staff. The man, who did not identify himself, demanded that people would have to leave the building as it was in receivership. The O'Donovan family contacted the receiver to engage, simply asking what they have to pay. The only engagement they got back was a visit from the receiver with a BER engineer, a valuer and a photographer. It treated a family in business in Clonakilty for 44 years like dirt.

The O'Donovans have since received a letter demanding all incomes from tenants. In all this time the only crime of the O'Donovans was to owe too little on properties valued at little more than they owed. Their bad luck was they trusted AIB and entered a business agreement with it which AIB broke. Will the Tánaiste meet the O'Donovan family? As Tánaiste of the country and a member of the Government with a major shareholding in AIB, will he launch an immediate investigation into how the family and their business have been treated and ensure no further action takes place until the matter is thoroughly investigated?

I thank Deputy Collins for raising this issue. I am not aware of the background or detail of this individual case and the O'Donovan family. As Deputy Collins has said, they have been a long-standing business family in Clonakilty down through the years, providing a very good service to the people of Clonakilty and surrounding hinterlands. I am at a difficulty in terms of responding in respect of the detail of the commercial relationship between the family and AIB and, subsequently, I believe Deputy Collins said, Everyday Finance.

I will meet the family but I cannot offer or promise anything at this late stage given it has gone from one bank to another to receivership. I am not clear what legal advice the family may have received in respect of what Deputy Collins has said. Prima facie it suggests a breach of the law, maybe. I am not in a position to say this because this is the first detailed presentation I have heard on this. Deputy Collins has raised it now without notice. Ordinarily, people engage to see whether such issues can be resolved. I will leave it at that. It is not for me. I am not in a position to direct that all actions cease. I do not have that executive power in the office that I hold. There have been many cases over the past decade were issues did get resolved where there were challenges and difficulties of the type referenced by Deputy Collins. I am not clear as to why this did not occur in respect of this particular family business.

I thank the Tánaiste for his offer to meet the family. That would be greatly appreciated and taken up. He received correspondence to his office. The family told me they sent full documentation and correspondence to the Tánaiste three weeks ago. Perhaps the Tánaiste did not have time to look at it. I respect that. That happens to every one of us. I would appreciate it if the Tánaiste did look at it. To date, he has not responded. The family have been at the very heart of Clonakilty all their lives. They have done no wrong and their lives have been ruined by the incompetence of many. Their agony cannot continue.

Too many livelihoods depend on the O'Donovan family. Clonakilty and its surrounds depend on this family. I spoke to a prominent businessperson in Clonakilty last week. I asked him, if I were to organise a protest in support of the family, would 5,000 people turn up. The answer he gave me was that 10,000 would turn up at the flick of a finger because this family are so highly respected in this town.

Will the Tánaiste personally meet the O'Donovan family like he said he will? As the State is AIB's largest stakeholder, the State cannot turn its back here. If it does, it is turning its back on west Cork. The State has directors on the board of this bank. I ask the Tánaiste to use every mechanism of the State to broker a solution to suit all parties to bring this sad and shocking tale to an end.

That correspondence has not been brought my attention. I am not clear as to which office it was sent. I put this to the Deputy through the Chair. Why did he not come to me three weeks ago?

The family have contacted me.

I am just asking the Deputy. There is a way of doing things.

Fianna Fáil's Deputy in west Cork knows about it so I presumed he was here.

I do not mind the Deputy raising it. I am just asking him. He raised it publicly.

I am going to the Tánaiste now.

The Deputy said in his second supplementary question that I had received correspondence three weeks ago. I have not seen that correspondence. I am not sure to which office it was sent. I will check that after this business. Many Deputies in the House, irrespective of parties or party positions, often come to me or tell me there is an issue and ask whether me or my office can do anything about it. I would respectfully say that the Deputy could have availed of that opportunity. He has raised it now, however. We will take it up from there.

I thank the Tánaiste. That concludes Leaders' Questions.