Vulture funds to avoid tougher regulations despite arrears review

Vulture funds will escape tougher regulations after a Central Bank report for the government and finance minister recommended no changes be made to the current code on mortgage arrears.

Finance Minister Paschal Donohoe will tell the Cabinet today that no alterations should be made to the code — despite low level breaches found by the Central Bank during inspections of lenders. Instead, the minister will reiterate that he cannot interfere with banking regulation, that pending opposition legislation will enhance protections and that only minor breaches have been uncovered.