Vulture fund harassment
Deputy Durkan condemned vulture funds for aggressive pursuit of homeowners whose mortgages were sold on. The Minister said the pressures on households were serious and would be referred to the relevant line Minister and the Central Bank.
Today I wish to bring to the attention of the House the bullying and aggression adopted by vulture funds in pursuit of homeowners who have had their mortgages sold on to those funds for reasons I will not go into now. The funds are totally impervious to the attitudes of third-party representatives, including public representatives, and are interested in only one thing, namely pursuing their objective to the extent of getting the homeowners out on the road, perhaps making them homeless. This is deplorable in the present climate. I ask for the vulture funds to be reminded of their obligations, of the fact that they are licensed by the Central Bank and of the fact that they are not currently observing the rules of the Central Bank.
Comment on this
I thank the Deputy for highlighting this important issue and drawing attention to the very real implications of the pressure placed by some of the funds on households, where bills often mount and where there is a genuine sense of struggle. The point the Deputy made on what the funds are and are not licensed to do is important. I am happy to feed that back to the line Minister responsible for the Central Bank and ask him to pursue it further.