I wish to speak today about Permanent TSB and the sale of mortgages to vulture funds.

It was announced over the weekend that Ulster Bank proposes to sell 7,000 mortgages. There is now a stampede by the banks to sell mortgages before legislation is enacted. I welcome that the Government proposes to abstain in the vote tomorrow on Deputy Michael McGrath's Bill. I thank Deputy McGrath for introducing that Bill and I also thank Deputy Durkan for the Bill which he proposes to bring to the Minister on this issue. It is about time something was done.

Last week, when people contacted Permanent TSB to find out if their mortgages were to be sold they were told that they would receive a letter in due course if their mortgage is to be sold, which is very nice of them. It cannot be legal for these lenders to sell loans to vulture funds without the permission of borrowers. That could not stand up in a court of law. The vulture funds have been getting their own way in this country over the last five or ten years. Legislation to address this issue must be enacted.

Permanent TSB previously sold off mortgages to Springboard Mortgages Limited. In cases where borrowers were paying interest only, Springboard increased the interest from 3% or 3.5% to 6.5% and it dragged those who could not pay through the court system. If, owing to the sale of these mortgages, people lose their homes it will be the taxpayer who will foot the bill.

The taxpayer will also have to pay the cost of eviction.

Yes. A constituent of mine whose loan was sold to a vulture fund offered to repay €500 per month but it was refused and she and her family were evicted, following which she was housed through the housing assistance payment scheme at a cost to the taxpayer of €700 per month. The State owns 75% of Permanent TSB yet the taxpayer is to be left to clean up its mess again. I would like the Minister to come to this House after the vote tomorrow or early next week to discuss the way forward.