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Carthy welcomes campaign to reject EU Vulture Fund Directive

23 May, 2019 - by Matt Carthy MEP

Sinn Féin MEP Matt Carthy has welcomed the ‘People’s Housing Plan’ campaign by Uplift calling on European candidates to commit to rejecting the EU’s proposed Directive on non-performing loans, which encourages banks to offload their customers’ loans to vulture funds.

Speaking on the eve of polling in the European elections, Matt Carthy, the Sinn Féin candidate for the Midlands North West constituency, said:

“The activists promoting the People’s Housing Plan should be applauded for their campaign calling on EU candidates to pledge to reject the EU’s Vulture Fund Directive. I have proudly signed the candidates’ pledge and urge all EU candidates to do so.

“The People’s Housing Plan also includes a pledge for local council candidates to support public housing. Eoghan Murphy’s comments this week on ‘co-living’ – tenements in all but name – and ongoing mass evictions by vulture funds, have added momentum to this campaign. 

“In March, the United Nations wrote a scathing letter to the Fine Gael government, pointing out that homelessness has increased exponentially in the Irish state between 2015 and 2018 – increasing by nearly 96 per cent among adults and by 228 per cent among children over the same period. 

“They called the denial of the right to a home an ‘egregious and damaging violation’, which is known to be devastating to the lives and wellbeing of children in particular, including to their physical and mental development. 

“The UN report points to cuts to the public housing budget, and land hoarding by speculators who deliberately restrict supply in order to inflate rent and prices, and most importantly, the policies that have caused the financialisation of housing in Ireland.

“The EU’s current proposal to deal with non-performing loans aims to ‘deepen the secondary market’ for such loans. In reality, this proposal will give free rein to the vulture funds. It amounts to a second bailout for the banks, and is aimed at returning EU banks to making massive profits again.

“Sinn Féin MEPs are demanding that this proposal be withdrawn. We were able to procedurally delay this damaging package so it will have to be revisited by the incoming Parliament instead of being rammed through the Parliament in April, as was attempted by Fine Gael's political group. 

“This makes it vital to return the strongest Sinn Féin team possible to the European Parliament on Friday. I urge all EU candidates to commit to rejecting this damaging proposal.” 

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