Frank O’Rourke TD says that the proposed sale of a vast swathe of loans by Irish banks to unregulated and unaccountable vulture funds should not proceed.
Deputy O’Rourke said, “It is evident that banks have shown very little willingness to work through their non-performing loan book. Instead of selling their loan book and outsourcing their dirty work to vulture funds, the banks should be providing sustainable and reasonable solutions for customers willing to cooperate with them.”
“It is clear now that vulture funds are lining up to buy portfolios of loans from the main banks in Ireland. It is expected that these portfolios will involve SME loans and buy-to-let investment properties. However, the Government has allowed these funds to go completely unregulated in Ireland.” Continue reading “Don’t Offload Loads To Vulture Funds – Frank O’Rourke”