Dáil Éireann Debate, Tuesday - 7 November 2017
264. Deputy Jackie Cahill asked the Minister for Finance the number of hire purchase loans that were sold to third party unregulated vulture funds annually in each of the years 2009 to 2016 and to date in 2017 by a bank (details supplied) or other companies associated with or to the bank; the value of these loans annually, in tabular form; and if he will make a statement on the matter. [47029/17]
View answerThere is no agreement on the precise meaning of the term “vulture funds” and it has come to have pejorative connotations. I presume that the Deputy is referring to private equity funds. The Deputy will be aware that international private equity funds invested much needed capital in our economy during a period of high risk and uncertainty.
In this regard, the only sale of agreements during the period requested, relating to Ulster Bank Ireland DAC or a company associated with Ulster Bank Ireland DAC, was by Lombard Ireland Limited in 2012. 9,870 agreements with a gross value of approximately €216 million were sold to a third party.
The requirements of the Consumer Credit Act 1995 still applied to the agreements that were sold and approximately half of the agreements related to Hire Purchase Agreements. In 2016, Lombard Ireland Limited transferred all their remaining agreements to Ulster Bank Ireland DAC.
