Deputy Jackie Cahill
Fianna Fail TD Jackie Cahill has said his party’s private members’ Bill to regulate so called vulture funds must be prioritised and advanced in the Oireachtas in the coming weeks in order to protect local mortgage holders.
Deputy Cahill was commenting as reports surfaced that Permanent TSB has set July 19 as the deadline for final bids on its €2.2bn Project Glas loan portfolio sale, with a view to finalising a deal in August.
“Two months ago, our Bill, put forward by Finance Spokesperson Michael McGrath to regulate loan ownership - bringing vulture funds within the ambit of Central Bank regulation - passed its second stage with unanimous agreement in the Dáil,” he said.
Since then, the Oireachtas Finance Committee has consulted with relevant stakeholders on the Bill.
sale moving ahead
Deputy Cahill said that Fianna Fail had now learned that Permanent TSB’s Project Glas portfolio sale was moving ahead with final bids due to be submitted next month.
“While I welcome the removal of the split mortgages from this portfolio sale, the sale still involves thousands of home loans, some of which are located in County Tipperary - both buy to let and private dwelling home loans,” he said.
The Tipperary TD said that also coming up were AIB’s sale of Project Redwood and Ulster Bank plans for a major portfolio sale.
“It is vital in all cases that any entity purchasing loans is fully regulated by the Central Bank and is subject to inspection, investigation and enforcement as necessary,” said Deputy Cahill.
He said that when the Dáil returned next week, Fianna Fail will press for its Bill to proceed to the next stage and to be enacted without delay.