Taoiseach: Planned legislation will protect mortgage holders from vulture funds

Taoiseach: Planned legislation will protect mortgage holders from vulture funds

The Taoiseach is insisting that planned legislation will improve protections for people who find their mortgage has been sold to a vulture fund.

It follows the €1.3bn sale of nearly 11,000 non-performing loans by Permanent TSB.

The bank has been criticised for selling the portfolio to a vulture fund, rather than dealing with troubled mortgages in-house.

Leo Varadkar says protections for mortgage holders should be improved in the next Dáil term.

"Legislation that is coming in in the next session will make sure that vulture funds are regulated, much more so than they are now - or investment funds, whatever you want to call them - so that those consumer protections exist," he said.

Digital Desk

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