October 21, 2020
Minister must ensure Ulster Bank mortgages are not sold to vulture fund Cerberus – Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed the decision of the Finance Committee to agree to his request to hold a meeting with the CEO of Ulster Bank regarding its future in the banking sector.

This comes after speculation that Ulster Bank is planning to leave the Southern market and sell its entire loan book to vulture fund Cerberus.

The Donegal TD will call on Ulster Bank to guarantee that it will not sell its loan book, including family mortgages, to US vulture fund Cerberus.

Teachta Doherty said: 

“Ulster Bank plays a key role in our communities, supporting business, enabling investment and providing local jobs for 3,000 people in towns and cities throughout the state. 

“Its 88-strong branch network provide essential services to communities and businesses in their locality, along with ATM services, which are especially vital for the retail economy.

“The closure of Ulster Bank would be bad for its customers, its employees, our communities and the Irish banking sector.

“It has also been reported that the US vulture fund Cerberus is planning to buy Ulster Bank’s entire €20.5 billion loan book. 

“Cerberus is one of the most aggressive vulture funds in the Irish market; known for its aggressive repossession strategies against borrowers who have their loans sold to the vulture fund.

“For Ulster Bank to sell off its mortgage loans, and those mortgage-holders, to a vulture fund like Cerberus is totally unacceptable.

“Had my ‘No Consent, No Sale Bill’ not been blocked by Fine Gael and Fianna Fáil, the sale of Ulster Bank loans to Cerberus would not even be an option.

“Cerberus has no long-term interest in Ireland, and no interest whatsoever in the welfare of mortgage-holders.

“The Minister for Finance must now ensure that Ulster Bank customers are not the next victims of vulture funds in Ireland.”

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