Tuesday 22 May 2018

'It's absolutely scandalous' - Protesters at Ideal Homes Exhibition target sponsors TSB over sale of mortgages to vultures

Dublin Councilor Éilis Ryan said Permanent TSB should not be allowed to brand itself as a “cuddly bank that’s helping out young people”.
Dublin Councilor Éilis Ryan said Permanent TSB should not be allowed to brand itself as a “cuddly bank that’s helping out young people”.

Kyle Ewald

Demonstrators gathered outside the Ideal Homes Exhibition at the RDS Simmonscourt on Saturday to protest the event's main sponsors Permanent TSB.

The Campaign for Public Housing gathered to highlight “the issue that Permanent TSB at the moment is seeking to sell 18,000 mortgage properties to a vulture fund,” Independents 4 Change TD Joan Collins told Independent.ie.

“We think this is absolutely horrendous, it shouldn’t happen, the government should step in. It’s 75 per cent owned by the government and owned by the people.

"It’s absolutely scandalous that they’re selling off mortgages to vulture funds where there’s no regulation to protect people in their homes, even if they are raging to pay back their mortgages over a period of time.”   

Campaign representatives said they vow to ensure that those attending the Ideal Home Show will be aware of the “treacherous behaviour” of Permanent TSB.

Dublin Councilor Éilis Ryan said Permanent TSB should not be allowed to brand itself as a “cuddly bank that’s helping out young people”.

Cllr. Ryan said: “Obviously the Ideal Homes Exhibition is  a place where a lot of people who are buying their first home, or starting a new family go and I guess what we want to let people know is that TSB has not been a good lender.

“Some of these people are homeowners who are facing eviction, thousands of them are tenants of landlords whose mortgages are in distress. And the landlord might lose the mortgage, but the tenant is the one who ends up being evicted.”

Margaret Farrelly, a housing activist from Cabra said in a statement that the bank’s history with Irish citizens only adds “insult to injury”:“Permanent TSB are one of the banks bailed out by the taxpayer, and are now literally throwing Irish citizens to the wolves.”

The campaign wants the state to take ownership of all buy-to-let mortgages caught up in the TSB sell off and become the landlord of the tenants involved, according to Campaign for Public Housing representative Joe Mooney.

“It’s a win win-- securing the tenants’ homes, and expanding the public housing stock overnight,” said Mr Mooney.

Permanent TSB was contacted for comment, but has not responded at this time.

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