Where are the Davitts of today to protect the rights of tenants?
Published 28/05/2016 | 02:30
We read today that one of our "Overseas competition banks", which the Finance Minister worries that the new proposed legislation will frighten away is in the process of selling a tranche of loans to venture capitalists. This is in addition to the mortgages that Nama has disposed of.
The last time this happened in Ireland was under The Encumbered Estates Act 1849 by an English parliament.
In 1849, over 7,000 estates were sold into the hands of middlemen who bought speculatively. Their sole object was to make a profit. As a result, smallholders were evicted without compensation because they had no legal rights, the land being bought and sold over their heads.