Michael Fitzmaurice has hit out at Ulster Bank following the news that the bank is set to sell off a range of distressed loans including 900 owner-occupier mortgages that are on the brink of repossession.
The loans are part of a sell-off of a portfolio valued at €2.5 billion. Just under two-thirds of the set is comprised of business loans while 5% are comprised of Farm loans.
Speaking a short time ago he said “I am very disappointed and annoyed to learn today that Ulster Bank have sold off 900 loans which relate to houses, land and SME’s at massively discounted rates. This was done without any consultation with the people who have taken out these loans and that is indefensible conduct.The new Government will have to do what they can to stop this carry on by the banks. A major bank have once again given the two fingers to the Irish people. This bank wants to get out of Ireland and they have sold these loans at the minimum cost but you can be certain that the new owners of these loans will want repayment in full. No consideration at all was given to the people who owe these loans to the bank. I am calling on the Government to pass emergency legislation to prevent this behaviour by Ulster Bank and to prevent other banks acting that this in the future” he concluded.