Permanent TSB must urgently clarify mortgage loan sale – McGrath

14 February 2018
By Mary Bermingham
mary@TheCork.ie

Permanent TSB is one the large Irish Banks. File photo: shows PTSB Stand at Ploughing Championship.
Iain White/Fennell Photography.
Fennell Photography 2017.

Fianna Fáil Spokesperson on Finance Michael McGrath TD (based in Carrigaline, Co Cork) has called on Permanent TSB to clarify, as a matter of urgency, the nature of the loans being sold as part of Project Glas.

Deputy McGrath commented, “Permanent TSB issued a statement yesterday confirming that it had instructed EY to begin the formal sales process for Project Glas – the project name for the sale of its Non-Performing Loans. The statement gave no detail on the type of loans being sold, the number of loans and whether family homes are involved.

“I am calling on Permanent TSB to make a statement confirming the nature of this proposed loan sale. Fianna Fáil does not support the sale of loan portfolios by banks to vulture funds. The sale of family home mortgages to such funds by a bailed out bank would be utterly unacceptable.

“Given the fact the government has refused to regulate such funds, Fine Gael would be complicit in mortgage holders being thrown to the wolves if such a sale was allowed to proceed.

“The bank and the Minister for Finance need to make an urgent statement on this,” concluded McGrath.

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