NEWS

Pearse Doherty urges AIB to seek sustainable solutions with family mortgages

Donegal TD wants bill to ensure banks cannot sell mortgages without the consent of the borrower

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Pearse Doherty TD welcomes progress on legislation removing Statute of Limitations for financial complaints

Deputy Pearse Doherty

Sinn Féin finance spokesperson Pearse Doherty TD has urged AIB to find sustainable solutions in the interests of families, rather than sell their mortgages to vulture funds. 

The Donegal TD was speaking after it was confirmed that the majority State-owned AIB was preparing to sell off thousands of family home mortgages under so-called Project Birch.

The TD has called for his No Consent, No Sale Bill to be progressed immediately, which would ensure banks could not sell mortgage loans without the consent of the borrower.

Pearse Doherty TD said: “I would urge AIB to do the right thing, and ensure that sustainable solutions are found for families rather than committing them to an uncertain future.

"It should always be remembered that AIB is a State-owned bank.

"It is therefore incumbent on AIB to remember its past faults and ensure that it acts in the interests of consumers and those families that will be feeling unsure and worried today.

“I am hopeful that AIB seek sustainable solutions for these families, including the option of working with not-for-profit organisations who will act find sustainable outcomes for families rather than short-term profits for themselves.

“Vultures are never the solution. That is why it is imperative that my No Consent, No Sale Bill, becomes law, offering families protection in the face of uncertainty.

“Mortgage holders are not safe under the current rules. My ‘No Consent, No Sale’ Bill must be progressed to protect consumers and families in the face of further sell-offs and a future of uncertainty.

"This legislation would ensure that banks cannot sell on loans without the consent of the borrower.

“Despite enjoying majority support in the Dáil, Government and Fianna Fáil have attempted to obstruct the passage of this Bill, enabling banks to continue large-scale sell-offs of properties.

“I would urge parties to support Sinn Féin’s bill, protect families and end the sell-off."