Vulture funds and non-banks now account for 16% of mortgage market — Central Bank

Vulture funds have been a lot quicker to pass on recent interest rate hikes by the ECB to their variable rate customers, meaning many of those mortgage-holders, including those in arrears, are now being charged upwards of 7% for their loans, more than twice the Irish average. Picture: Denis Minihane

Vulture funds and non-bank credit organisations now account for over 16% of the total Irish mortgage market, according to the Central Bank.

As of the end of 2022, some 115,000 mortgages were held by such funds in Ireland. That compares to fewer than 17,000 loans with such institutions at the end of 2009, when the sector accounted for just over 2% of the market.