Fianna Fáil Bill 'would send out a message to vulture funds'

Fianna Fáil has today defended its bid to ensure the full regulation of so-called 'vulture funds'.

In the past week, two major Irish banks have announced plans to sell off around 25,000 distressed property loans.

The Government insisted that homeowners will be protected no matter who owns the loans - with certain regulations already in place.

However, Fianna Fáil TD Stephen Donnelly said that vulture funds will think twice about buying loans if they are faced with the same regulations as the banks.

"What the Fianna Fáil Bill would do is it would send out a message to these vulture funds all over the world," he said.

"'Under the Fine Gael-Labour Government, these funds were invited in, they stripped out the tax base so they didn't have to pay any taxes, and they've basically been allowed operate in this country however they want.

"What this says is: Actually, no, you can't do that anymore".

- Digital desk


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