That is fine for the Minister for Finance to say because there are people in this House who may be able to withstand the types of shocks we have seen. However, we on the finance committee had two people before us yesterday. Both had their mortgages sold on from Permanent TSB to the vulture funds, which my legislation would have stopped, but Fianna Fáil and Fine Gael frustrated that. Those people are now in the grip of the vulture funds. They are now paying 7.25% and 7.5% and they know that their interest rates are …

One of the witnesses who came before the finance committee made it very clear that she does not want to fall into arrears. Actually, both witnesses have not missed a payment, have never been in arrears and are meeting all their payments. The reality, however, is that when interest rates increase to the level they have increased to as a result of those loans being sold to the vulture funds, and when families are asked to find an extra €8,500 to keep a roof over their heads, it was explained in great detail - the Min…

In recent years, there has been a dramatic and worrying increase in the incidence of financial fraud and scams. Everyone has seen that. Citizens are increasingly concerned that the text messages and calls they receive are scams and that the adverts they see online are not genuine, but fraudulent. Despite this, the Government still does not have a multi-annual strategy to combat financial fraud and scams even though it was a key recommendation of the Hamilton report in December 2020. What action has the Department t…

Figures released to me by the Department of Justice show that since 2019 investment fraud has risen by 258%, account takeover fraud has increased by a staggering 560%, romance fraud has risen by 83% while scams through phishing, vishing and smishing have increased by 417%. These are frightening figures. Citizens are being robbed of millions of euro each year by fraudsters. Last week ComReg estimated that scam calls and texts cost society and the economy more than €300 million each year. I welcome its proposals in t…

The Minister has no strategy two and a half years on - that is a fact. The Government is blocking the implementation of a shared information fraud database which would allow for information to be shared in real time. It is clear that the Government is not taking the issue of this growing crime seriously. Interventions could be made to protect citizens from the criminal activities of fraudsters but the Government is simply not at the races. For example, I raised the fact previously that in the North, banks and payme…

I raise again the plight faced by workers and families whose mortgages were sold on to vulture funds without their consent. These sales were supported and facilitated by both Fine Gael and Fianna Fáil. As a result of interest rate hikes, these borrowers are now facing rates of as high as 8%. They are forking out thousands more in interest every year because the vulture funds now hold their loans. What will the Government do to ensure the wrong that Fine Gael and Fianna Fáil facilitated and presided over is righted …

I mentioned earlier that we had a number of people before the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach. James Byrne and Grainne Irwin were present and both had their mortgage loans sold by Permanent TSB to a vulture fund. James is now being charged an interest rate of 7.25%. He is waiting for another letter in the post to inform him of the most recent hike and is paying €8,000 more in interest than he was last year. He told the committee that there is no discretionary spending in his…

To give the Minister an example, James is meeting all his mortgage payments, has never defaulted and has never gone into arrears. Permanent TSB, his originator bank, is State-owned and the Minister is a majority shareholder in it. That bank will not even entertain James in relation to switching. It will not deal with him at all because he has a split mortgage. Permanent TSB actually established that split mortgage and did so in a way that it was deemed a non-performing loan, even though James met every single payme…

I thank Deputy Ó Murchú for placing this question. I have a conflict of interest to disclose. As a director and promoter of a music festival, we hold our breath every year when we have our music festival because insurance is a major issue. If there are claims, that could put a not-for-profit festival out of being. It is apt that the Deputy has raised this issue in regard to what are smaller festivals and community events and the challenges they have in terms of insurance. I agree with the Minister of State that Ire…

I want again to raise the difficulties being experienced by homeowners in my own county of Donegal and elsewhere in regard to those affected with defective blocks. They were failed by the Government scheme, which failed to provide 100% redress. Despite this, homeowners are doing their best to work with the scheme and rebuild their homes and lives. However, serious problems remain from funding shortfalls they face around terms and conditions to their mortgage agreements. I acknowledge the Minister agreed to meet wit…

I thank the Minister for meeting with them. This is an ongoing process. When banks were issuing these loans, no one foresaw that we would see a scenario whereby thousands of homes need to be demolished and rebuilt. I know some of the individuals who are already in the process of doing so. It means they have to get bridging finance in the region of €70,000. Many families are not going to get that type of a loan. There is a serious issue regarding the application of the scheme despite its flaws and its faults. There …

I welcome the Minister's engagement on this issue. I say this with respect but this is an example of how a scheme is devised by the Government without understanding how it flows through. We now have a situation, as I said, where people have to find bridging finance of €70,000 and more to fund the rebuild of their homes. The mortgage terms and conditions, which are legally binding, say that if a person demolishes their home, he or she needs the permission of the bank. For the bank to give that permission, it needs a…

D'fhógair an Coimisiún Eorpach inné gurb é an Stát seo an stát is daoire san Aontas Eorpach. De réir mar a leanann oibrithe agus teaghlaigh ag streachailt leis an ghéarchéim costais maireachtála, leanann an Rialtas ag teip ar ghnáthdhaoine na tíre seo. Yesterday, the European Commission published figures confirming for workers and families what they have known for a long time, namely that we live in a rip-off Republic. The Commission confirmed that this State is the most expensive place to live in the European Unio…

The Minister may not like the picture that I presented, but it was based on European Commission stats and facts. We are the most expensive country in which to live in the European Union. I am sure the Minister does not dispute that. We have got the most expensive health costs in the European Union - 82% higher than the European average. In energy costs, we are the second most expensive in the European Union. The Minister should not get me started about housing, rent or indeed mobile phone and communications, where …

-----I will finish on this point – that the rest of Europe has seen its energy costs reduce and come back to a level with a bit of normality, yet we are still sky-high.

Not one domestic company has reduced its energy costs.

Will the Minister support an investigation-----

-----by the Commission for Energy Regulation into what is happening in terms of these companies?

Will the Government support an investigation?

Yesterday the Central Bank forecast that the Government was set to miss its housing targets each year out to 2025. It expects that each year from now to 2025, the Government will fall over 12,000 homes short of its own target. The world and its dog knows the Government’s targets are woefully short of what is needed to meet demand. This is deeply concerning. The Government has missed its social and affordable targets since 2020. I am sure it will acknowledge that. If this abject failure continues, the housing crisis…