Dáil Éireann Debate, Tuesday - 7 November 2017
261. 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. [47026/17]
Amharc ar fhreagra262. Deputy Jackie Cahill asked the Minister for Finance the number of hire purchase loans that were sold to third party unregulated vulture funds or other third parties 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. [47027/17]
Amharc ar fhreagra263. 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. [47028/17]
Amharc ar fhreagraI propose to take Questions Nos. 261 to 263, inclusive, together.
Officials in the Department of Finance have received the following responses from the banks in relation to the Deputy’s questions:
AIB:
“Hire Purchase agreements have not been a feature of loan portfolios sold to date.
Due to the nature of the contract involved, assets financed in this manner remain the property of the Bank until such time as the agreement has been successfully completed. Hence the resolution of instances where the Bank cannot agree a repayment solution with the customer will typically involve the recovery and disposal of the asset.”
BOI:
“As a publicly listed company, Bank of Ireland makes all appropriate disclosures to the market in relation to all operational matters. All Annual and Interim Reports, and other market disclosures, are available at the following link:” https://investorrelations.bankofireland.com/.
PTSB:
The bank responded that no such transactions took place. For clarity, the bank did confirm that it did sell its PTSB Finance business in 2012, which included c. €21m of hire purchase loans (2,865 customers), to Consumer Auto Receivables Limited which was an SPV backed by Deutsche Bank.
