tsb blasted over latest vulture fund sale
VULTURE bank Permanent TSB has been slammed for “abandoning” 6,000 families with their latest sale.
Sinn Fein’s Pearse Doherty said the Government has turned its back on people and he is planning to bring in legislation to block such deals in the future.
The Donegal TD added: “Each time there is a sale to vultures it sets a new precedent in Government complicity. Project Glas was the first sale of family home loans by a State bank still in operation while today we see a State bank selling over 6,000 family home loans it admits are meeting their restructuring arrangements.
“There is simply no willingness from Fine Gael or Fianna Fail to stop these sales including the sale of family home loans.”
Fianna Fail’s Michael Mcgrath hit back and said: “The transaction is undoubtedly better than an outright sale to a so called vulture fund but important questions need to be answered as to how exactly this will work for the affected borrowers. It is my understanding Pepper – a regulated retail credit firm – will become the legal owner of the portfolio and will make all decisions concerning individual loans.”
Pepper chief Cormac Ryan said: “Pepper now manages over 8% of the outstanding residential mortgages in the Irish market, the majority of which are performing loans.”