Independent TD, Mattie Mc Grath, has strongly condemned the Government for what he described as enabling the practices by banks and vulture funds to persist, resulting in the loss of homes, farms, and small businesses across the country.
The leader of the Rural Independents said that the government was “turning a blind eye to the struggles of hardworking families”.
He said that distressed borrowers were being left “in desperate situations” and that “homes, farms, and small businesses throughout the country were being affected.
“Yesterday, during the leaders’ questions in the Dáil, I confronted the government directly. Why do they allow this injustice to persist? Why turn a blind eye to the struggles of hardworking families?” the leader of the Rural Independenmts said.
He said the government’s inaction was “astonishing”, and that credit service firms and vulture funds were taking action that resulted in needless property losses. “The crux lies in the failure of Fine Gael, Fianna Fáil, and the Green Party to enforce vital land registry updates after banks sold off loans. This negligence breeds confusion, malpractice, and outright deceit,” he said.
“Adding to the dire situation, the government enables a critical breach of EU law. Irish courts are disregarding the new EU repossession Directive (2121/2167). This directive furnishes explicit protections for distressed borrowers facing foreclosure proceedings. Yet, creditors – both vulture funds and banks – operate without restraint.
The directive mandates crucial measures, including refinancing, extended terms, lower interest rates, payment holidays, and partial debt forgiveness, prerequisites before any repossession cases are considered. However, these safeguards remain unattainable for those in need in Ireland due to the delay in transposing this Directive into Irish law. Could the lobbying power of banks and vulture funds, who possess substantial access to the government, be the reason for these delays?” he asked.
“I urge the government to act promptly. We cannot witness our citizens suffer at the hands of financial predators. We demand justice, transparency, and adherence to EU law.”
“I reiterate my call to the government to cease shielding banks and vulture funds and to expeditiously implement the EU Directive. Furthermore, I call on the government to initiate an investigation into the false evidence presented in repossession cases by lawyers representing vulture funds and credit service firms to deceive the courts, falsely claiming ownership of properties when, in fact, they only hold a charge registered as a burden on the land. A charge does not confer ownership, and this fraudulent practice must be promptly rejected,” concluded Deputy Mc Grath.
