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Ulster Bank loan sale “completely unacceptable” - Pearse Doherty TD

10 May, 2018 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has said the announcement of a new sale of loans by Ulster Bank is “completely unacceptable”.

He said realistic alternatives exist for the banks and it was betraying its customers by taking the easy option with the tacit approval of government.

Deputy Doherty said:

“Once again we have one of the main banks in the country, one mired in controversy about its IT system and its abysmal behaviour in redressing its own customers affected by the tracker scandal, announcing that it is selling the loans of its customers.

"It is completely unacceptable. I have no doubt these mortgages, the majority of them family homes, will end up in the hands of the vultures unless the sales are prevented.

"Government silence equals government approval for these loan sales. That is a political failing of government.

"There are realistic options now including the mortgage to rent scheme, split mortgages and write downs that Ulster Bank should be looking at.

"These options are being ignored with banks taking the easy way out with the tacit approval of government.

"Ulster Bank have been dodging an invite to the Finance Committee for the last two weeks where I am sure this issue would have raised with them.

"They cannot hide any longer and not only should they be called before the Finance Committee they should be called before the Minister.”

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