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Banks cannot be let off the hook through Vulture sales - Pearse Doherty TD

23 February, 2018 - by Pearse Doherty TD

Sinn Féin Finance spokesperson, Pearse Doherty TD, has said banks cannot be let off the hook by transferring loan books to vulture funds. 

Deputy Doherty said that many struggling families are only now beginning to see some light after years of struggle and that the banks had a responsibility to bear with hard working families doing their best to reach a solution.

Deputy Doherty said:

“First Permanent TSB and now Ulster Bank are flagging up a massive sale of loans while AIB are likely to look to make more sales. 

"This all points to the banks consciously using vultures as a get out clause with the government refusing to shout 'stop'.

"For some families, things have begun to turn around and there is light at the end of the tunnel. To hear of banks lining up sales of loan books is a cruel blow to families doing their best and making progress on their mortgage arrears.  

"After a decade of austerity some families now find the rug pulled from under them as they enter a new period of uncertainty.

"The regulation issue must be dealt with but the failure of the banks so long after the banking crash to have offered the full range of solutions and to have put in place permanent solutions including write downs is the real cause of this rush to sell. 

"A concerted political effort aimed at reminding Irish banks that they are only here by the grace of those same hard working families is needed.

"Sinn Féin MEP, Matt Carthy will raise the ECB’s role in this situation. The ECB is adopting a hard line on how some restructured mortgages are classified. 

"It needs to recognise the unique situation in this State as it recovers and not make thousands of working families face dealing with vultures as a result of Frankfurt’s bureaucratic reclassification's.

"Struggling families do not deserve to see a vulture fund buy their loan at a cut price while the banks refuse to entertain a write down of any sort to the families themselves.

"This is a question of fairness - should the working families who are doing their best be sacrificed again to protect the balance sheet of the banks or do Irish political parties rally together and defend the rights of mortgage holders.

"Sinn Féin is clear that we stand with the mortgage holders doing their best to pay and I am calling on the government to do the same.”

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