“Crucial that MEPs back Sinn Féin’s rejection of vulture fund agenda” – Chris MacManus MEP

Sinn Féin MEP Chris MacManus has called on MEPs to back his amendments to reject the EU Commission’s vulture fund agenda this evening. MacManus has tabled amendments to reject two proposals on “securitisation” aimed at encouraging banks to sell non-performing loans.

Speaking in Brussels MacManus said:

“I am urging all MEPs to back these rejection amendments especially Irish MEPs who know first-hand the way the vulture funds operate.”

“We are living through a pandemic, a once in a hundred-year catastrophe beyond human control. Hundreds of thousands of our fellow citizens have lost their lives, and families and workers are bearing the brunt of the economic fallout.”

“Yet, at this point in time Commissioner McGuinness and the EU are asking us MEPs to loosen the rules on securitisation, so that the vulture funds can devour on the remains. The Left consider these proposals an affront.”

“Securitisation was one of the causes of the last recession. It is a facilitator of tax avoidance and it adds to financial instability. This legislation bears all the prints of industry lobbying.”

The Midlands Northwest MEP concluded, “As an MEP, I am not in Brussels to represent the banks or vulture funds but the people. The EU Commission should go and do whatever it needs to do to get a sense of reality about this crisis and its human impact and drop this vulture fund agenda.” ENDS