Vultures buy up €24 billion worth of loans at 52% discount rate – Doherty
- Vulture Fund sales Apr 2019 (361 KB)
Sinn Féin Finance spokesperson Pearse Doherty TD has said that the true extent of the level of sales to vulture funds in Ireland is “frightening”.
The Donegal TD was speaking after the Oireachtas Finance Committee received figures from the Department of Finance that show loans of over €24 billion have been sold, at an average discount of 52%.
Teachta Doherty said that now, more than ever, was there a need for his ‘No Consent, No Sale’ Bill.
Teachta Doherty said:
“The Government have consistently rebuffed my calls for regulation of the vulture funds, but the figures released today show the precarious situation that an unprecedented number of home owners and tenants are in.
“While facilitating loan sales to vultures, the Government has also designed a tax system that provides huge tax breaks to these funds.
“Simply put, this Government simply does not care that vultures are able to buy up enormous chunks of the home loan market and then pursue those unfortunate enough to have been jettisoned by their bank.
“My ‘No Consent, No Sale’ Bill will end this abuse of the market.
“This is a moral, as well as economic, question. What is easy to forget when discussing such vast sums of money is that this is someone’s home. This is the roof over a family’s heads. There must be an end to this vulture culture.”
Note: Please see the table of vulture fund purchases attached