Saturday 3 December 2016

Don't fear being taken under a vulture's wing

Whoever buys Irish Nationwide loans could give borrowers better deal

Thomas Molloy, Group Business Editor

Published 16/02/2014 | 02:30

The former Irish Nationwide headquarters in Dublin
The former Irish Nationwide headquarters in Dublin

VULTURES get a bad press but they are an essential part of the ecosystem.

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In India, where pesticides have poisoned and killed many native vultures, dead cattle and dogs now rot in the streets spreading illness because there are not enough of these noble birds to pick the carcasses clean.

Here in Ireland, vulture funds also have a role to play in our financial ecosystem when a company or bank dies. Borrowers who took out mortgages from the former Irish Nationwide are understandably worried about what will happen to their loans if they are sold to vulture capital funds, but that worry could well be misplaced.

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