Dublin South West TD, Seán Crowe, has described Ulster Bank’s sale of €800 million worth of properties to a vulture fund Pepper Finance as a bitter blow to thousands of its customers. The Sinn Féin TD said that Ulster Bank has been encouraged by the Government’s light touch approach to take the easy option rather than find long-term solutions in the interests of families.

Crowe called for his party’s ‘No Consent, No Sale’ Bill to be progressed immediately, which would ensure banks could not sell mortgage loans without the consent of the borrower.

Deputy Seán Crowe said:

“While many people were blindsided and probably distracted by the Budget, Ulster Bank confirmed, in a shock announcement that they would be selling off 2,800 family homes to vulture funds.

“This is the latest round in the great Irish sell-off, with international funds buying up Irish properties at knock-down prices. Thousands of families are now facing a future of uncertainty and insecurity.

“Clearly mortgage holders are not safe under the current rules. Sinn Fein’s ‘No Consent, No Sale’ Bill must be progressed to protect consumers and families in the face of further sell-offs and a future of uncertainty.

“This legislation would ensure that banks cannot sell on loans without the consent of the borrower. The sale this week by Ulster Bank of €800 million worth of properties to a vulture fund Pepper Finance is a low and bitter blow to thousands of its hard-pressed customers.”

ENDS