Don't fear being taken under a vulture's wing
Whoever buys Irish Nationwide loans could give borrowers better deal
Published 16/02/2014 | 02:30
VULTURES get a bad press but they are an essential part of the ecosystem.
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.