Finance Minister says Fianna Fáil bill on vulture funds may have 'unintended consequences'

The Finance Minister Paschal Donohoe says a Fianna Fáil bill to protect mortgage holders against vulture funds may need considerable redrafting.

Mr Donohoe said the Government would support the legislation but said that, as it stands, some elements may have "unintended consequences".

Fianna Fáil's finance spokesperson Michael McGrath says up to now vulture funds have been above the law.

He said: "They squeeze the borrowers for everything they can and the ultimate objective is often to get their hands on the underlying asset.

"The family home, the buy-to-let property, the farm, the business property. Their investment horizon is short-term."