Sinn Féin Finance Spokesperson Pearse Doherty TD has called on Minister for Finance Pascal Donohoe to reject a planned EU Directive which would empower vulture funds and encourage banks to sell to vultures.
The Donegal Deputy has warned that the proposal was a dangerous step that would ‘replicate some of the worst aspects of the Irish experience of vultures across Europe.’
Deputy Doherty raised his concerns with the Finance Minister today and said: “Not only would this proposal limit Ireland’s ability to change its pro-vulture policy of Fine Gael but it would enshrine this policy on an EU level.
“The proposal really is the EU at its worst. It is simply all about the needs of capital and to hell with the ordinary people. The Dáil has supported my No Consent, No Sale Bill. That is an approach which is about consumer protection, not bank protection.”
Deputy Doherty’s ‘No Consent, No Sale Bill’, if passed by the government, would introduce legislation to prevent sales of mortgages to vulture funds without the consent of the mortgage holder.
He said the planned EU Directive would conflict with moves to end vultures and called on the government either reject or seek an amendment to the plan.
“In Brussels-speak, the proposal is to establish a ‘secondary market for loan sales’. In normal speak, this means making it easier and even attractive for banks to sell on mortgage and other loans,” Deputy Doherty said.
“As MEP Matt Carthy has said, this amounts to a second bailout for the banks. It is the wrong policy and is a policy that will only benefit the banks.
“There is also the question of sovereignty. This Directive is about throwing blanket pro-vulture rules across Europe. The Minister may be comfortable with that scenario, but it is not one I accept. The Irish government must stand up and reject this proposal or at the very least seek a radical revision to protect homeowners and others.”