21 Mar 2018, 15:37
The proposed sale of non-performing loans to private investment funds will be on the agenda when the Finance Committee sits at 9.30am tomorrow in Committee Room 2, Leinster House.
In two separate sessions, Jeremy Masding, CEO of Permanent TSB and Bernard Byrne, CEO of AIB, will address the Committee on the matter.
Committee Chairman, John McGuinness said today, “Years after the crash, banks are still struggling to deal with the non-performing loans on their books. PTSB plans to sell around €3b worth of loans (known as Project Glas) and the Committee is gravely concerned that homeowners who have reached a mortgage arrangement with PTSB may not have their deals honoured by the buyer of the lender’s loan book. Similarly, AIB is believed to be interested in selling on its non-performing loans. The fear is that non-performing loans, involving a mixture of residential and buy-to-let mortgages, will be bought up by international vulture funds, placing families in a precarious position and at the mercy of essentially unknown corporate entities.”
Committee proceedings can be viewed live here
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