Donegal Daily
  • News
  • Sport
  • Courts
  • Jobs
  • Business
  • Lifestyle
  • Travel
  • Politics
  • Features
  • Donegal County Council News
Tuesday 16°CWednesday 21°C

Donegal Daily Donegal Daily

sponsor banner
sponsor banner
  • News
  • Sport
  • Courts
  • Jobs
  • Business
  • Lifestyle
  • Travel
  • Politics
  • Features
  • Donegal County Council News
BusinessNews

Donegal families are living in fear of vulture funds – McConalogue

written by Rachel McLaughlin February 22, 2018
FacebookTweetLinkedInPrint

The proposed sale of a vast swathe of loans by Irish banks to vulture funds should not proceed, says Fianna Fáil TD for Donegal Charlie McConalogue.

The Donegal Deputy has outined his party’s plans for the prevention of loan sales to so-called vulture funds which are ‘unregulated and unaccountable’. He said that Donegal homeowners are living in fear of being evicted as such funds are less likely to engage with customers.

Deputy McConalogue said, “It is evident that banks have shown very little willingness to work through their non-performing loan book. Instead of selling their loan book and outsourcing their dirty work to vulture funds, the banks should be providing sustainable and reasonable solutions for customers willing to cooperate with them.

“It is clear now that vulture funds are lining up to buy portfolios of loans from the main banks in Ireland. It is expected that these portfolios will involve SME loans and buy-to-let investment properties. However, the Government has allowed these funds to go completely unregulated in Ireland.

“Recently it has emerged that both AIB and Permanent TSB are taking steps to sell large swathes of their mortgage loan books to unregulated vulture funds. The Government has the power to stop this from occurring considering the Irish State has a majority stake holding in both banks.

“These vulture funds are accountable to nobody and are completely beyond the reach of the Central Bank. There are many families across Donegal who have fallen behind in their mortgage and are living in fear of losing their homes because they say it is almost impossible to engage with these firms. These funds’ sole interest is in the property, they take no account of social concerns.

“Fianna Fáil is opposed to the banks selling their loans to unregulated vulture funds. The banks should not be selling Irish loans to unregulated vulture funds. We will be bringing forward legislation to ensure these sales do not take place,” concluded Deputy McConalogue.

Donegal families are living in fear of vulture funds – McConalogue was last modified: February 22nd, 2018 by Rachel McLaughlin
FacebookTweetLinkedInPrint

Tags:
Charlie McConalogue TDvulture funds
Rachel McLaughlin

LEAVE A COMMENT

You may also like

Warning issued as stinging weever fish turn...

51 minutes ago

RAMP Festival returns to Rathmullan for weekend-long...

1 hour ago

Holiday approved for Ballybofey man accused over...

1 hour ago

Donegal gem named one of Ireland’s best...

1 hour ago

Donegal Historical Society to have a ‘field...

2 hours ago

Almost €600k for ‘patching’ east Donegal stretch...

2 hours ago

Bundoran RNLI volunteers in midfield at Croke...

3 hours ago

Discover exciting opportunities at TCS Letterkenny Careers...

14 hours ago

Search for ancient monastery begins in Raphoe

15 hours ago

Gallery: Donegal mum’s Teddy Bear Picnic raises...

17 hours ago
Advertisement
Advertisement

Donegal County Council

Facebook
Donegal County Council
Advertisement
Advertisement
Donegal Daily Jobs

Read More

  • News
  • Sport
  • Courts
  • Jobs
  • Sales & Services
  • Obituaries
  • Features
  • Business
  • Politics
  • Council News

Information

  • Contact Us
  • About
  • Advertise WIth Us
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions

Our Sites

Donegal Woman
Donegal Woman
Donegal Daily

© 2025 Donegal Daily. All rights reserved.
Website by owenod


Back To Top.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.