Business Property & Mortgages

Friday 22 March 2019

Permanent TSB chief won't rule out more loan sales to vulture funds

Jeremy Masding: says all options are on the table. Photo: Gareth Chaney, Collins
Jeremy Masding: says all options are on the table. Photo: Gareth Chaney, Collins
Charlie Weston

Charlie Weston

Lender Permanent TSB has not ruled out more mortgage sales to vulture funds despite massive controversy after the recent sale of thousands of loans.

And the bank has defended controversial new charges that will hit its current account customers, insisting it had to make the changes to remain "competitive".

Permanent TSB, which is 75pc owned by the State, came in for strong criticism when it sold around 16,000 mortgage accounts in two controversial loan sales, Projects Glas and Glenbeigh.

Around 4,000 customers whose mortgage was sold were engaged in rescheduled payment deals.

The loans were moved out of the State-owned lender despite a practice that people in arrears who engage do not have mortgages sold.

There was heavy criticism of the bank for including performing home loans in the sales, prompting the passing of a Sinn Féin bill in the Dáil which means borrowers would have to give their consent before their mortgages are sold.

Bank boss Jeremy Masding said all options were being considered. "We are looking at all options. I am not ruling anything out and I am not ruling anything in."

Asked if the passing of the No Consent, No Sale Bill 2019 would make it more or less likely that mortgage holders in arrears would have their loans sold, Mr Masding would only say the bank would operate in accordance with laws passed by the Oireachtas.

Irish Independent

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