Housing Minister: I got no heads-up from Ulster Bank about plan to sell distressed mortgages

Housing Minister: I got no heads-up from Ulster Bank about plan to sell distressed mortgages

Housing Minister Simon Coveney has said he is unhappy that Ulster Bank did not tell him that it was planning to sell distressed home loans.

The bank announced yesterday it is selling 900 owner-occupier mortgages in long-term arrears, as well as announcing 100 job losses today.

Customers have been warned their existing rights will be transferred with the loans, leaving them open to evictions.

Minister Simon Coveney says the Government has a duty of care to the home-owners.

"Well, first of all, I wasn't that happy that I didn't get the heads-up, and also maybe an understanding of the kind of people who are involved in these situations," he said.

"Because ultimately, there is a legal process underway, with the vast majority of them to repossess homes, and ultimately if people lose their homes, well then it's my responsibility, and the State's responsibility, to look after those people."

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