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Imperative Vulture Fund legislation support is maintained – Pearse Doherty TD

2 April, 2019 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has encouraged continued support for his legislation which aims to prevent Irish mortgages from being sold to vulture funds without the consent of the mortgage holders.

Teachta Doherty’s ‘No Consent, No Sale’ bill passed through the Dáil at the end of January, and today goes under pre-legislative scrutiny at the Committee Stage.

The Donegal TD said:

"It seems a lot of bankers have been upset at the idea they would have to ask the borrower whether they are allowed to sell their loan to a vulture fund.

“There has been a lot of spin from the Department of Finance and the banks that this legislation is unconstitutional. However, the committee has received its own legal opinion as part of the pre-legislative scrutiny stage, and it does not state this is unconstitutional.

“We were also told this would need a money message. This doesn’t stand up as we got a preliminary determination from the Houses of the Oireachtas which states that it doesn’t.

“The Department of Finance and the Central Bank were before us today in committee, and in two weeks’ time we will have advocates in the form of the Irish Mortgage Holders organisation and FLAC (Free Legal Advice Centres) coming before us.

“I am delighted that we have a majority so far in the Dáil. I hope that that is maintained throughout the scrutiny in committee and report stage.”

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