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Ireland must reject EU Vulture plan – Doherty

14 February, 2019 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has called on Minister for Finance Pascal Donohoe to reject a planned EU Directive which would empower vulture funds and encourage banks to sell to vultures.

Deputy Doherty said:

“Today, I raised with Minister Donohoe a dangerous proposal from the EU Commission to replicate some of the worst aspects of the Irish experience of vultures across Europe. Not only would this proposal limit Ireland’s ability to change its pro-vulture policy of Fine Gael but it would enshrine this policy on an EU level.

“The proposal really is the EU at its worst. It is simply all about the needs of capital and to hell with the ordinary people. The Dáil has supported my No Consent, No Sale Bill. That is an approach which is about consumer protection, not bank protection.

“In Brussels-speak, the proposal is to establish a ‘secondary market for loan sales’. In normal speak, this means making it easier and even attractive for banks to sell on mortgage and other loans.

“As MEP Matt Carthy has said, this amounts to a second bailout for the banks. It is the wrong policy and is a policy that will only benefit the banks.

“There is also the question of sovereignty. This Directive is about throwing blanket pro-vulture rules across Europe. The Minister may be comfortable with that scenario, but it is not one I accept. The Irish government must stand up and reject this proposal or at the very least seek a radical revision to protect homeowners and others.” 

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