Donohoe under fire for silence on PTSB storm
Fianna Fail hits out at vulture fund mortgages sale
FINANCE Minister Paschal Donohoe has been blasted for not speaking out about Permanent TSB’S planned sale of thousands of mortgages to a vulture fund.
Fianna Fail’s Michael Mcgrath called on the Minister to declare what position he will adopt on the sale of nearly 11,000 home loans to equity group Start Mortgages.
This week, the Irish Mirror began a campaign to stop PTSB and other banks from selling off thousands of mortgages.
Zombie lender PTSB is pushing ahead with the sale despite being accused of lying to hide the fact it sold good loans to Start Mortgages, an affiliate of US vulture fund Lone Star.
Deputy Mcgrath said: “Under the Relationship Framework Agreement in place governing the State’s 75% shareholding in Permanent TSB, Minister Donohoe will be consulted on this proposed loan sale.
“We know for a fact that 1,050 fully performing family home mortgages are in the portfolio lined up for sale.
“In the past 11 days, I have been inundated with emails and phone calls from worried Permanent TSB customers.
“It is clear that the portfolio also contains a very large number of restructured loans where the borrower is honouring the agreement. “We need to hear from Minister Donohoe. We need to know whether he has or intends to meet Permanent TSB about this loan sale. “We need to know what views he will convey when he is formally consulted. We need to know whether he will be asking for the removal of performing loans and loans well on the road to being classified as performing. “We need to know whether he has sought or received any assurances that Start Mortgages/lone Star are willing to enter into new restructuring agreements with customers and if they will make themselves accountable to the Oireachtas Finance Committee.” news@irishmirror.ie