Dublin South West TD, Seán Crowe, has described Bank of Ireland’s €150 million sale of loans to the vulture fund Cerberus as another new low and appalling news for customers, tenants, and homeowners.
Deputy Seán Crowe said:
“The sale of €150 million worth of mortgages by Bank of Ireland to the vulture fund Cerberus at a 40% discount confirms what we have known for some time. The banks are more generous to the vultures than to ordinary homeowners and tenants.
“We have been here before, with tenants and homeowners being threatened with eviction or receivership after similar sales.
“The government on the other hand has opposed at every stage Sinn Féin’s ‘No Consent, No Sale’ Bill which would end this abuse of the market.
“There is an alternative to what has been described as the ‘Great Irish Sell-Off’. Even the credit agency DBRS have called on Irish banks to work with borrowers rather than pursue this sell-off of Irish assets and sell out of families and tenants.
“This is why Sinn Féin’s ‘No Consent, No Sale’ Bill is essential. It would block any sale of these mortgage loans unless with the consent of the borrower.
“This latest sell off sale is a new low for the bank and appalling news for customers, tenants and homeowners.”