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Government 'rolling out red carpet' for vulture funds - Pearse Doherty TD

18 April, 2019 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has accused the government of “rolling out the red carpet for vulture funds”.

Speaking during Leaders’ Questions this afternoon, Teachta Doherty said:

“Last year, Ulster Bank sold a portfolio of loans known as Project Scariff - worth €1.6 billion - to a vulture fund called Promontoria Scariff.

“A company called ‘Cabot Financial Ireland’ is now administering these loans and has written to all buy-to-let mortgage holders who are behind in their payments, demanding that all arrears are cleared within 30 days.

“It is telling borrowers to clear their arrears within 30 days or a fixed asset receiver will be appointed. 

“That means they are taking the asset whether there is negative or positive equity. 

“For those in positive equity, they will quickly see this disappear as receiver and legal fees clock up. 

“This is a direct consequence of government policy and Minister Donohoe’s rolling out of the red carpet to vulture funds. 

“And it is precisely because of the actions of Cabot here that people fear vulture funds and fear for their homes. 

“Moving to the final option without any genuine engagement with borrowers is absolutely unacceptable. 

“People live in these properties. They are people’s homes, not just numbers on a spreadsheet.

“It is now time to clip the wings of these vultures once and for all.”

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