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The permanent TSB was under fire Tuesday after agreeing to sell more than 7,000 mortgages to a vulture fund.
The move was part of the controversial sale of loans that he claims to be non-performing.
known as Project Glas contains more than 10,700 of these loans that owe 1.3 billion euros, while owner-occupied mortgages rise to 7,400. [19659002TheplannedsalewhichisthelargestofitskindbyabailoutTheIrishbankshouldbemadetoStartMortgages-asubsidiaryoftheso-calledLoneStarvulturefund
And there was a scathing reaction of the TD opposition on Tuesday on the actions of the bank, which is 75% state
Fianna Fail spokesman, Michael McGrath, insisted that Start Mortgages be submitted to the Finance Committee of Oireachtas
He pointed out that an explanation was needed to explain how to deal with the backlogged customers and said: "Port Les Folio loan sales like this are the easy way out for banks that are striving to reduce their level of non-performing loans.
"It would be much better if the permanent TSB were to occupy self-made and made case-by-case decisions
by restructuring the loans, and only took enforcement action as a last resort. "
Originally included many divided mortgages where people respected the conditions of their loans
But after a public outcry, the bank withdrew the split loans and yesterday announced the sale of 10,700 unproductive loans to Start Mortgages.
Deputy Minister McGrath continued: "Lone Star has repeatedly refused in the last 18 months to appear before the Finance Committee.
" Having bought these loans, they now have the obligation to explain what is their strategy to manage them.
"When the Minister of Finance is consulted on this sale, he must ensure that Start Mortgages makes
himself available for parliamentary scrutiny and oversight."
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