We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Vulture funds

Mortgage-holders caught up in PTSB loan sale to be invited to tell of the turmoil it has caused

Sinn Féin’s finance spokesperson Pearse Doherty said a full committee session should be dedicated to the loan book sale.

MORTGAGE HOLDERS WHO found themselves sold to a vulture fund by Permanent TSB will be asked to tell their story before the Oireachtas Finance Committee. 

Sinn Féin’s finance spokesperson Pearse Doherty said once the committee is back from the summer recess, it will be asking for a full session to be dedicated to the loan book sale.

Last month, PTSB sold its controversial Project Glas loan portfolio to an affiliate of the so-called vulture fund Lone Star for around €1.3 billion.

The portfolio contains 10,700 home loans, which the bank has dubbed as “non-performing loans”.

A total of 7,400 are owner-occupier mortgages, while 3,300 are buy-to-let properties.

The sale to Start Mortgages – Lone Star’s affiliate – has been widely criticised by the Irish Mortgage Holders Organisation, Fianna Fáil and Minister for Transport, Tourism and Sport Shane Ross. Since the sale, a number of homeowners have spoken out about being shocked they were sold on. Many customers state they were engaging with PTSB, and were not in large-scale arrears. 

Speaking at the party’s think-in in Cavan, Doherty said PTSB had failed its customers, and taken the easy option of selling to a vulture fund. 

He said the government, who has a 75% shareholding in the bank, should have stopped the sale. Doherty added that vulture funds only have a “short-term interest” and therefore will not offer the same deals to customers as banks do.

Doherty said “victims of the sale” will be invited to give their testimony before the committee, stating that members should hear how this sale has impacted on them, “not  only on them personally, but also on their family”. He added that bank executives from PTSB will also be invited to attend.

Your Voice
Readers Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel