NEWS

The great Irish Sell-Off continues – Pearse Doherty TD

AIB sell €850m loan portfolio to Vulture Fund at a discount rate

Connie Duffy

Reporter:

Connie Duffy

Email:

connie.duffy@donegaldemocrat.ie

The great Irish Sell-Off continues – Pearse Doherty TD

Pearse Doherty TD

Sinn Féin finance spokesperson, Pearse Doherty, TD, has criticised the decision of AIB to sell off an €850m loan portfolio to American vulture fund Cerberus at a discount rate of 21%.

The Gaoth Dobhair-based TD has described the sale as a continuation of the great sell-off of Irish assets to international speculators and shareholders.

Teachta Doherty 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.

“This announcement that AIB will sell off a loan portfolio of predominantly investment and commercial properties with a value of €850 million to American vulture fund, Cerberus, is a disgrace.

“It is reported that the vulture fund will be given the portfolio at a discount rate of 21%. A €150 million discount.

"This is happening while banks continue to sell off family homes to vulture funds without real attempts to find resolutions with those families.

“It is striking that a State-owned bank is offering a 21% per cent discount to a vulture fund but not to Irish families. If banks offered these discounts to Irish citizens, the housing crisis would look very different.

"This is a continuation of an economic strategy that is selling off Irish assets to international speculators and shareholders, either at knockdown prices or through the use of complex tax loopholes.

“It is unacceptable and must come to an end.

“Sinn Féin would ensure that our banks, especially State-owned banks, would serve the needs of our citizens, not international finance,” he said.