Monday 16 July 2018

'PTSB is only the first' - Government urged to protect family homes

Photo: Collins
Photo: Collins

Wayne O’Connor

The government has been urged to intervene immediately and protect family homes and farms after Permanent TSB sold 20,000 mortgages linked to struggling homeowners.

Fianna Fáil public expenditure spokesperson Dara Calleary said the time for the government to act was now to prevent families affected by the sell-off being left vulnerable and at the mercy of vulture funds.

He warned this was only the first step and that the move by the nationalised Permanent TSB will be repeated by other banks in the sector.

Speaking during Leaders Questions today, Tánaiste Simon Coveney said the Government would be meeting with PTSB in due course.

However, Mr Calleary warned urgency is required.

“PTSB is only the first. Family farms and family homes will be sold with no regard for those living in them,” he said.

Read more: Explainer: How Permanent TSB’s decision to sell €4bn of loans could affect you

“The vulture funds are not regulated by the Central Bank. They have no regard for the law.

“The notion that in due course the government will engage with PTSB... now is the time to engage with them, not in due course.”

Mr Coveney said the Government was briefed on the matter in cabinet on Tuesday and Finance Minister Paschal Donohoe will be meet with the bank.

However, he criticised Fianna Fáil for the role the party played in the banking collapse when it was in government.

“As of last June PTSB’s non-performing loan ratio was one of the highest in the EU,” the Tánaiste said.

“The bank will be requested to consult with the minister and will do so in due course.

“It is difficult to take this lecture from Fianna Fáil on loan books given what your party is responsible for.

“That banking collapse is what we have spent the last six and a half years fixing.”

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business