Fianna Fáil calls for regulation of vulture funds after Ulster Bank seeks to sell mortgages

There has been criticism of Ulster Bank after it became the latest lender to confirm it is selling thousands of mortgages to vulture funds.

Ulster Bank wants to sell off more than 3,500 owner-occupier mortgages and almost 3,000 buy-to-let-mortgages.

Legal advice charity FLAC says it has seen cases where vulture funds employ aggressive measures to recoup their investment.

Fianna Fáil's Finance spokesperson Michael McGrath says the decision highlights the need to protect mortgage holders who have had their loans sold off:

Mr McGrath said: "This news again underlines the need to introduce regulation of these vulture funds, they need to be accountable to the Central Bank.

"They have to be subject to inspection, investigation and enforcement, if necessary."

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