Call for Finance Minister to step in over sale of non-performing loans by Permanent TSB

The bank met with representatives of the Irish Mortgage Holders Organisation today

Call for Finance Minister to step in over sale of non-performing loans by Permanent TSB

Photo: RollingNews.ie

There are calls for the Finance Minister to step in over Permanent TSB's sale of more than 10,000 non-performing loans.

Start Mortgages - an Irish-regulated affiliate of an American vulture fund firm called Lone Star - has agreed to buy the loan book for €1.3 billion.

The Project Glas portfolio which is being sold includes 3,300 buy-to-let properties and 7,400 private homes.

The bank told the Irish Mortgage Holders Organisation (IMHO) in a meeting today that it will press ahead with the planned sell off.

PTSB has also denied claims some performing home loans have been included in the sale to Lone Star.

Speaking today, David Hall - chief executive of the IMHO - said the sale appears to be going ahead.

Addressing those affected by the sale, he observed: "Unfortunately, I have no good news for them - I can't mislead them, I can't give them any false hope or false truths. Those who've received letters from Permanent TSB... those loan sales, from what I can see today, are going to proceed as are.

"This is now a political move, that is required for all opposition parties... Fianna Fáil need to step up to the plate, but also the Minister needs to be canvassed to ensure those customers who are engaging, who are making payments should not be sold."

However, he stressed that those who have been engaging should be protected.

Mr Hall noted: "Those customers who have engaged are doing the right thing, and doing what was asked of them.

"[Permanent TSB] imposed a date upon themselves, where they drew a line in the sand and sold stuff to Start. Everybody else was engaging up to that time - they should be respected, and they should not be sold."