My Report on vulture funds, land registry and more...
My Report on vulture funds, land registry and more...
THE McDONALD REPORT
Referencing the McDonald Report, Mattie McGrath, Teachta Dála for the Tipperary constituency, has directly challenged the Irish Government to explain what it is doing to deal with the housing problems created by Vulture Funds.
Speaking in the Dáil yesterday, Thursday 19th September, he said:
“I am glad the Minister, Deputy O’Brien, is here. I have just come from the audio-visual room where the McDonald report on housing and vulture funds was launched.
I hope the Minister will be able to read it. Mr. Edmund Honohan, former Master of the High Court, Mr. Cormac Butler and others spoke.
Critical, independent analysis was carried out, and not by NGOs. It is found, and Mr. Edmund Honohan pointed out also, that many areas of legislation are flouted and broken daily in regard to the Land Registry, the vulture funds in the courts and the repossession of homes, farms and property.
It is outrageous the Government is allowing this. Some judges, in fairness to them, are waking up to the fact the Land Registry papers that are being offered are totally invalid and fraudulent. The vulture funds do not have any access. They buy the keys of these properties and homes, but they have nothing else. They have no documentation.
When is the Government going to act? The Minister should read the contents of this report. The problem with housing is not supply, but rather that the Government is allowing vulture funds and other people are allowed to break the law and victimise people and families.”
Deputy Darragh O’Brien confirmed he will review the report and reply.
The Report was written by Theo McDonald, who later explained what the Report was all about:
“I was delighted to present my report to members of the Dáil yesterday. I hope members have the chance to read and review it. It was the culmination of research and analysis from the perspective of a young person who has written about issues impacting my generation - Generation Rent - and those left to the mercy of vulture funds.”
Cormac Butler, expert witness who has given testimony to the Oireachtas Finance Committee on several occasions stated:
“The McDonald report has exposed the dangers of Irish courts relying on land registry records as proof that loan purchasers are entitled to repossessions. Some judges have also failed to recognise their obligations to expose unfair terms in loan contracts. Mattie McGrath TD is therefore quite right to raise these matters in the Dáil.”
Andy Agathangelou, founder of UK-based Transparency Task Force who led a protest march in Dublin about the miscarriages of justice being caused by the incorrect interpretation and application of the law relating to Vulture Funds and other matters said:
“Now that the hard evidence gathered by the McDonald Report has been gathered and provided to Deputy Darragh O’Brien, the people of Ireland should now see their government working to remedy the many problems identified; problems that have been causing widespread suffering for many years - from unlawful repossessions, to consequential family break ups and even suicides.
There can be no excuse for the Government to not act now that it has the data and the analysis - the McDonald Report is just too compelling to be ignored.”
Michael Fitzmaurice TD, said:
“I attended the launch of the McDonald Report yesterday, alongside several other concerned TDs, because many of us politicians are being contacted by constituents where they allege they are not getting fair procedure in courts in relation to vulture funds.
What the McDonald Report now gives us is a reliable, credible account of the details - the facts and the figures, the hard data. It will help us all understand why we have such a huge and worsening housing crisis in Ireland, and the Vulture Funds are a big part of the problem - the proof is all there to see now.
It’s obvious that drastic and urgent reform is needed; and if this Government won’t drive through the changes that fair-minded people will demand, the next one better commit to doing so.”
Brian Reilly, Founder at Right2Homes & Access2Justice added:
“This Report expertly explains in layman’s terms what has been happening with the Vulture Funds here in Ireland, and I compliment Theo on his excellent work. It’s a great big ‘well done’ to Mattie McGrath TD from all the concerned campaigners who are working hard to raise awareness of the issues, for bringing this topic directly to the attention of Deputy Darragh O’Brien.
We hope all politicians will now work together on this.”
1) The McDonald Report is available here:
The McDonald Report
2) The Parliament TV clip of the dialogue between Mattie McGrath TD and Deputy Darragh O’Brien is available here:
3) The transcript of the dialogue between Mattie McGrath TD and Deputy Darragh O’Brien is available here:
https://www.oireachtas.ie/en/debates/debate/dail/2024-09-19/31/#spk_261