FF Bill to regulate ‘Vulture Funds’ must be advanced without delay – McGrath

8 June 2018
By Elaine Murphy
elaine@TheCork.ie

Fianna Fáil Spokesperson on Finance Michael McGrath TD has said his party’s private members’ bill to regulate so called ‘vulture funds’ must be prioritised and advanced in the Oireachtas in the coming weeks.

Michael McGrath TD

Deputy McGrath was commenting in response to reports that Permanent TSB has set July 19th as the deadline for final bids on its €2.2 billion Project Glas loan portfolio sale with a view to finalising a deal in August.

Deputy McGrath commented, “Back in March, Fianna Fáil’s Bill to regulate loan ownership – bringing ‘vulture funds’ within the ambit of Central Bank regulation – passed second stage with unanimous agreement in the Dáil.

“Since then, the Oireachtas Finance Committee has consulted with relevant stakeholders on the Bill and I have liaised with the Department of Finance on possible amendments to the legislation.

“We now learn that Permanent TSB’s Project Glas portfolio sale is moving ahead with final bids due to be submitted next month. While I welcome the removal of the split mortgages from this portfolio sale, the sale still involves thousands of home loans – both buy to let and private dwelling home loans.

“We also have AIB’s sale of Project Redwood and Ulster Bank has confirmed its plans for a major portfolio sale. It is vital in all cases that any entity purchasing loans is fully regulated by the Central Bank and is subject to inspection, investigation and enforcement as necessary.

“When the Dáil returns next week, I will be pressing on behalf of the party for this Bill to proceed to the next stage and to be enacted without delay,” conclude McGrath.

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