Bank of Ireland mortgage sale to Vulture Fund at €100 million discount a disgrace – Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has described the Bank of Ireland’s €150 million sale of loans to Cerberus as a sweet deal for the vulture fund and a bad day for customers, tenants and homeowners.
Speaking today, Teachta Doherty said:
“Today’s sale of €250 million worth of mortgages by Bank of Ireland to the vulture fund Cerberus at a 40% discount confirms what we have known for some time. The banks are more generous to the vultures than to ordinary homeowners and tenants.
“We have been here before, with tenants and homeowners being threatened with eviction or receivership after similar sales.
“The Government have has opposed at every stage Sinn Féin’s ‘No Consent, No Sale’ Bill which would end this abuse of the market.
“There is an alternative to what has been described as the Great Irish Sell-Off. Even the credit agency DBRS have called on Irish banks to work with borrowers rather than pursue this sell-off of Irish assets and sell out of families and tenants.
“This is why my ‘No Consent, No Sale’ Bill is essential. It would block any sale of these mortgage loans unless with the consent of the borrower.”