Permanent TSB criticised for selling non-performing mortgages worth €1.3bn to vulture fund

Permanent TSB criticised for selling non-performing mortgages worth €1.3bn to vulture fund
Michael McGrath.

There are calls this morning for the vulture fund which bought €1.3bn in distressed mortgages from Permanent TSB to be held to account.

Permanent TSB Gorey.
Permanent TSB Gorey.

Fianna Fáil wants Start Mortgages to appear before the finance committee to explain how it will handle almost 11,000 non-performing loans.

The majority are mortgages on family homes that have fallen into arrears.

The firm's parent company has so far refused to appear before the Finance Committee.

Fianna Fáil Finance spokesperson Michael McGrath wants that to change.

He said: "That they would come before the Finance Committee, that they would answer questions in relation to their strategy, their approach for dealing with these loans and will they now enter into restructuring options that up until now they have not been making available.

"That for me is a key question which the Minister should insist the Start Mortgages are answering."

- Digital Desk

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