Tuesday 6 December 2016

Vultures set to feast on tenants and borrowers

Published 16/03/2016 | 02:30

The next step for the State’s bad bank will be to offload property loans worth nearly €5bn. The only bidders will be vulture funds with the necessary purchasing power. Stock picture
The next step for the State’s bad bank will be to offload property loans worth nearly €5bn. The only bidders will be vulture funds with the necessary purchasing power. Stock picture

Without wishing to labour the point, the latest developments in the property market yet again reiterate the need for a Minister for Housing sitting at the Cabinet table.

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The role would draw upon responsibilities in the Department of the Environment, Department of Finance, Department of Transport and Department of Social Protection. In case anyone claims this is impossible and unnecessary, let's remember the Department of Finance was cut in half five years ago with the creation of the Department of Public Expenditure. So, yes, it is possible. And yes, it most definitely is necessary.

Who exactly is mandated to represent the best interests of the homeowners, tenants and those without accommodation at Cabinet meetings? Of course, all members of government have their interests at heart. But what about the sell-off of the Nama loans? The Minister for Finance is tasked with generating a return for the Exchequer through Nama.

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