‘Appalled’ by loan sale

ICSA rural development chairman Seamus Sherlock has said he is appalled at the decision by Permanent TSB to place €4.5bn of its loans on the market. Commenting on the move

Mr Sherlock said: “Selling off these loans at a fraction of their value means the vultures will be circling around in no time, looking to make big money at the expense of hard pressed families.

“The volume of the loans being off-loaded is extremely alarming. The outlook for those who find themselves in the position of having their loans sold off can only be described as grim.”