Fianna Fáil Spokesperson on Finance Michael McGrath T.D. has welcomed the announcement from Permanent TSB that it has removed split mortgages linked to 4,300 family homes from its proposed portfolio loan sale, Project Glas.
Deputy McGrath commented, “These split mortgages should never have been included in Project Glas in the first place. These mortgage holders have done everything right. They engaged with their lender, agreed a restructure of their loan and are honouring the terms of the agreement. Putting them in the same basket as loans where no repayments have been made for years was deeply unfair.
“Fianna Fáil remains of the view that banks should be working through their loan books, making decisions on individual distressed loans in the normal way rather than selling them off to so called vulture funds that have no interest in entering into long term forbearance arrangements with customers.
“Fianna Fáil’s private members’ bill to regulate these vulture funds and make them accountable to the Central Bank is currently the subject of consultation with the ECB and other interested stakeholders. I understand the Minister for Finance took a memo to cabinet yesterday seeking approval for the drafting of amendments to the Bill.
“We regard this Bill as priority legislation and we want it enacted as quickly as possible. The need for these funds to be regulated has again been underlined by their refusal to be held accountable. They continue to snub their noses at our democratic institutions. Just this week alone, CarVal, Lone Star and Oaktree have all refused invitations to attend before the Oireachtas Finance Committee. The sooner they are fully regulated in the normal way the better,” concluded McGrath.