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More details needed on Ulster Bank / Cerberus deal‏ - McKay

19 June, 2015

Sinn Féin's Economy Spokesperson Daithí McKay has called on the Ulster Bank to confirm how many local businesses will be affected by the sale of property loans to private equity firm Cerberus.

 He said:

"Last month Ulster Bank sold a portfolio of loans worth £1.4billion to Cerberus for only £205million. 

"Since then we have heard anecdotally of some of the businesses affected but have yet to learn the real number of those impacted upon. 

"It is important to get a sense of the potential economic fallout of this transaction and the number of employees that may be affected as the management of this portfolio moves forward.

"Both Cerberus and Ulster Bank have been invited to appear before the Finance Committee. A number of concerns have been brought to the committees attention by local businesses. 

"I am looking forward to both parties appearing promptly as the management of this particular portfolio could have a significant impact on the local economy and people's livelihoods." 

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