Moore welcome

FIANNA Fail’s Anthony Moore has welcomed FF finance spokesman Michael McGrath TD’s bill to regulate vulture funds, which will now become law in the coming months.

Vulture funds buy distressed loans from banks and other lenders. At present, current policy is that the credit servicing firm, or middle man for a loan owner like a vulture fund, needs to be regulated by the Central Bank, but not the vulture fund itself.

Moore explained: “This results in a gaping hole in protection for people in debt. This leaves people in a very vulnerable position.