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“Last chance for Irish MEPs to reject Vultures Directive” - Chris MacManus MEP

18 October, 2021 - by Chris MacManus MEP

“Last chance for Irish MEPs to reject Vultures Directive” - Chris MacManus MEP

Sinn Féin MEP Chris MacManus has called on Irish MEPs and MEPs across Europe to support his amendment to reject the EU’s Directive on Non-Performing Loans, the Vulture Fund Directive. As well as encouraging vultures funds the final proposal could undermine even existing protections in Irish law.

Speaking from Strasbourg MacManus said:

“Tomorrow the EU Parliament will vote on the EU’s proposed Vulture Fund Directive. This will be the last chance to reject the proposal which will empower Vulture Funds and even roll-back on safeguards already won by Irish consumers.”

“I have tabled a rejection amendment to throw this proposal out. Sinn Féin through me and my predecessor Matt Carthy have tried to reject this directive and at least dilute its negative impact on consumers. Unfortunately, the ideological approach of the EU on this issue is simply not compatible with protecting families and businesses from the claws of the vultures.”

“There are no special protections for the family home in this directive and critically it seeks to regulate only credit servicers and not the owners of credit. This would be a massive weakness compared even to existing Irish legislation and open the door for Vultures to challenge existing Irish rules.”

MacManus concluded by urging the support of fellow MEPs. “All Irish MEPs must show where they stand by supporting my rejection amendment. There should be no market for vulture funds and no rolling back on hard won protections.” ENDS

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