According to the Taoiseach, it is not noble to suggest that vulture funds cannot be regulated. This came after a bill was introduced by Fianna Fail regarding regulation of funds when mortgage is bought by them.

The party is accusing Permanent TSB for ‘outsourcing its dirty work’ by planning to transfer 20,000 mortgages that are distressed to the vulture funds. This could lead to even more evictions. The worth of loans is around € 4 billion. Fianna Fail has also called for blockage of sales as its part of plan to tackle with the difficulties as the funds will be less likely to work with the customers.

Few days back, the Taoiseach Leo Varadkar announced that protections are already in place for the mortgage holders and a proper procedure has been laid down to handle their sale. He added,

It is the law – we made it the law in 2015 – that any purchaser of a loan book must either be regulated by the Central Bank or their agents must be. As I say, we are open to any further proposals to strengthen that protection.

 

Michael McGrath, Finance Spokesperson of Fianna Fail, has issued a warning that a new law is required for ensuring that everyone purchasing a loan book is regulated by the central bank and not only the agents. It’s not about the bill through the Second Stage, but it should become a bill as well. With the objective of ensuring that the portfolio sales may pass on to entities that should be regulated by the Central Bank, a law must be in place as quickly as possible. He added,

It is as simple as that.That is our requirement and in our view that is the thrust of what is in the confidence and supply agreement and we will require support, including from Government to do that.

Source: News Talk, Irish Times

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