Ulster Bank €300m home loans sale plan sparks row

Ulster Bank has strongly defended its decision to sell €300m worth of 900 distressed home loans in the Republic, saying the move will eventually strengthen the bank to boost lending.

However, the decision has come under fire from Fianna Fáil finance spokesperson Michael McGrath, who said new legislation is needed to oblige lenders to secure Central Bank approval.

He wants the Central Bank “urgently” to freeze the sale until the Dáil has a chance to review it.