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MacManus calls out Fianna Fáil & Fine Gael pro-Vultures vote

11 November, 2020 - by Chris MacManus MEP

MacManus calls out Fianna Fáil & Fine Gael pro-Vultures vote

Sinn Féin MEP Chris MacManus has called out Fianna Fáil’s Billy Kelleher and Fine Gael's Frances Fitzgerald who voted today in favour of EU Commission proposals which would empower vulture funds.  Their votes today backed EU plans to promote the use of securitisation by banks to offload loans like mortgages to vultures.

The reports (the Tang and Karas Reports) back EU proposals designed to “enable the broader use of this tool (securitisation) by banks to free their balance sheets from NPEs (non-performing exposures/loans)”.

Mac Manus said:

“It is very disappointing to see Irish MEPs back this agenda of promoting vulture funds as a so called solution for struggling borrowers. This is simply a solution for banks and bankers not for struggling families.”

“Securitisation is cited by many as one of the main causes of the banking crash that so blighted the last decade. It came into prominence in Ireland when Permanent TSB sold a loan book using the securitisation mechanism. In reality, it is simply camouflage for selling loans to a vulture fund.”

Speaking after the vote MacManus said: “Today, I won significant support for an amendment in the Economic and Monetary Affairs Committee rejecting the Commission proposals out of hand. Unfortunately Fianna Fáil's and Fine Gael’s group combined with the Social Democrats to defeat my rejection amendments.”

The Midlands Northwest MEP concluded by accusing Fine Gael and Fianna Fáil of hurting those who are already down, “The economic bite of Covid means many families will be struggling to meet their mortgages or have already fallen behind. The message from Fine Gael and Fianna Fáil is that vulture funds are on the way and that they are using their voice in  Brussels to support a vulture agenda.”  ENDS

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