Lobby group defend banks' sale of customer loans to vulture funds

One of the chief lobby groups for the banking sector has defended the controversial and divisive practice of the State's main lenders selling non-performing loans - or NPLs - to so-called vulture funds.

The Banking and Payments Federation of Ireland (BPFI) - which is headed up by former Minister of State at the Department of Finance and Fine Gael MEP Brian Hayes - has said that such sales to third party investment funds provide "benefits for banks and protection for borrowers".