It is time to end the vulture fixation and put people first – Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has brought his ‘No Consent, No Sale Bill’ before the Dáil during Sinn Féin's Private Member's time.
The bill aims to ensure that no mortgage can be sold to a vulture fund without the consent of the mortgage holder.
This is already provided for in a Central Bank Code of Practice, but it is the only code of practice which is voluntary.
It states: “A loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower.”
Teachta Doherty’s Bill seeks put this code of practice on a statutory footing in what he describes as a start in Sinn Féin’s campaign to defeat the vultures and end the arrears crisis.
Speaking in the Dáil this evening, Deputy Doherty said:
“In November of last year, a State-owned bank that had been bailed out by the Irish people, brazenly announced that it was selling over 6,000 family home loans to an unknown entity.
“We are living with a problem caused by a banking collapse. We need a political and societal response that is not just about protecting the banks.
“We must find a solution that looks after the families in arrears and indeed the tenants whose landlord is in arrears.
“The cruel irony is that the banking collapse directly led to the loss of jobs and of businesses, which in turn lead to hundreds of thousands falling into arrears.
“Now ten years after the banking collapse these same banks are turning on those families unfortunate enough to have suffered and throwing them to the vultures.
“I note the comments of the Central Bank today that this Bill would bring about ‘Armageddon for all’. They are implying that implementing a Code they themselves drew up would lead to instability, increased prices and less lending.
“It is a disgraceful position to take. There will be no Armageddon, what there will be is a healthier banking culture.
"I shouldn’t need to remind everybody that the Central Bank is supposed to hold a mandate to protect consumers in financial matters.
“It is time to end the vulture fixation and put people first. No consent, no sale.”