Tuesday 16 October 2018

Banks selling debt to vulture funds is insane - and won't solve core issue

Workman Ken Glennon removes Anglo Irish Bank signage outside its former headquarters on St Stephen’s Green, Dublin in 2011. Photo:
Gareth Chaney / Collins
Workman Ken Glennon removes Anglo Irish Bank signage outside its former headquarters on St Stephen’s Green, Dublin in 2011. Photo: Gareth Chaney / Collins
Ivan Yates

Ivan Yates

Two conflicting narratives are at the centre of the current controversy concerning the PTSB, Ulster Bank and other banks and the sale of 'non-performing loans' (NPLs) to vulture funds. It is the story of the Creditor versus the Debtor. And inevitably they are emotional and political polar opposites.

It is a story that offers no hiding place for politicians.

Personally, I must declare that I have skin, heart and soul in this game. My family business, Celtic Bookmakers (CB), traded from its creation in December 1987 until it went into receivership in January 2011. Starting from scratch, CB grew profitably each year for 19 years; by 2006, its profits were €4m, with more than 50 betting shops and 300 staff.

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