Sinn Féin Finance spokesperson Pearse Doherty TD has described Ulster Bank’s sale of €800 million worth of properties to Pepper Finance as “unacceptable.”

The Donegal TD said Ulster Bank has been encouraged by the Government to take the easy option rather than find long-term solutions in the interests of families.

Teachta Doherty has called for his ‘No Consent, No Sale’ Bill to be progressed immediately, which would ensure banks could not sell mortgage loans without the consent of the borrower.

Deputy Doherty said:

“While all eyes were focussed on the Budget, Ulster Bank confirmed they would be selling out 2,800 family homes to vulture funds.

“This is the latest round in the great Irish sell-off, with international funds buying up Irish properties at knock-down prices. Thousands of families are facing a future of uncertainty and insecurity.

“Mortgage holders are not safe under the current rules. My ‘No Consent, No Sale’ Bill must be progressed to protect consumers and families in the face of further sell-offs and a future of uncertainty.

“This legislation would ensure that banks cannot sell on loans without the consent of the borrower.

“Despite enjoying majority support in the Dáil, the Government and Fianna Fáil have attempted to obstruct the passage of this Bill, enabling banks to continue large-scale sell-offs of properties. Those who suffer are families.

“I would urge parties to support Sinn Féin’s bill, protect families and end the sell-off.”