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Sale of PTSB loan books should not happen until safeguards are in place – Pearse Doherty TD

25 June, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said that the proposed sale of some of PTSB’s loan books should not go ahead until safeguards for customers are in place.

Deputy Doherty said:

“I am calling on Minister Noonan to intervene by directing PTSB not to sell any of its loan books until the legal safeguards he has promised to protect customers after the IBRC fiasco are in place. In the last few months I have been contacted by many mortgage holders whose mortgage at IBRC has been sold to unregulated entities.

“Minister Noonan has promised legislation to provide safeguards for these customers but while they are still waiting it now appears likely that many PTSB customers are also to be thrown to the vultures.

“The legislation promised to give these homeowners the same legal protection as others seems to be stuck in a bureaucratic limbo. Despite his rhetoric Minister Noonan has clearly failed to give it the necessary priority to the Bill.

“We cannot allow a repeat of the situation that took place at IBRC. This means the Minister must clearly shout ‘Stop!’.

“The fact that most of this loan book are non-performing loans means they are most likely to be snapped up by vulture funds.”

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