Fianna Fáil calls for vulture funds regulation to proceed quickly

The regulation of vulture funds to protect distressed mortgage borrowers must proceed quickly, Fianna Fáil has said in advance of a Dail debate on fresh legislation.

The Government has agreed to accept Fianna Fáil’s legislative proposal to regulate funds and also beef up the code of conduct of loan owners.

State-owned bank PTSB is preparing to sell off 18,000 mortgages, most which are home loans. However, there is concern borrowers will see their debts offloaded to unregulated bodies or funds.