Sinn Féin Finance Spokesperson Pearse Doherty TD has expressed concern that the sale of the ICS mortgage book to Dilosk will do nothing to help first time buyers.
Deputy Doherty said:
“When debating the legislation that allowed for the sale of the ICS mortgages and, crucially, its distribution platform TDs were told that the aim was to allow for badly needed competition in the mortgage market. We were led to believe the sale would allow a new Building Society enter the market.
“It appears now that the mortgages and platform have been sold to Dilosk a company which according to its own website has ‘a focus on residential investment property i.e. buy-to-lets.’ In effect what was supposed to be a way of bringing greater competition to the mortgage market may have been sold to a company which is focussed on loaning to investors and developers- not to families looking for a home.
“I will question Minister Noonan further on this issue and the fact that once again mortgages have been sold to an unregulated entity while the legislation to rectify that loophole is put on the long finger.”