Donohoe calls for cost review of SF 'vulture fund bill'

Finance Minister Paschal Donohoe has said independent analysis of Sinn Féin's divisive 'no consent, no sale' bill, targeting better protection of mortgage holders, is "essential" before it is allowed to further progress through the Oireachtas.

The proposed legislation aims to prevent the banks from selling customers' home loans without the borrower's approval. However, it has been criticised by the Department of Finance, the Central Bank and the ECB. The Department said it could push up mortgage interest rates, make it harder to get a homeloan, reduce competition in the mortgage lending market, restrict Irish banks' ability to access credit and reduce the value of the State's shareholdings in the main banks.