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Dáil
‹ Questions on Promised Legislation

AIB loan sales to vulture funds

Summary

Deputy Michael Collins asks the Government to stop AIB selling loans and mortgages to vulture funds, warning of impacts on farmers, households and businesses. The Finance Minister replies that the decision is for AIB's board, though he will be consulted later on the transaction.

On page 113 of the programme for Government under the agriculture and the marine heading, the Government promises to work with the banking sector to make banking affordable for farmers. Banks, such as AIB and Permanent TSB, are announcing the potential sale of loans to vulture funds. That could potentially result in householders, farmers and business people losing their property. As the Government is the main shareholder in AIB, will it stop the sale of loans or mortgages to vulture funds by AIB?

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Paschal Donohoe Minister for Finance Fine Gael

That is a decision that has been made by the board of AIB. It is its sole legal right to initiate that. I will be consulted at a later point on the transaction at which time I will have an opportunity to make my views known on the matter.

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