The Finance Minister and Permanent TSB have been urgently called to explain the nature of the loans being sold as part of Project Glas.

Fianna Fáil Spokesperson on Finance Michael McGrath TD made the call after Permanent TSB issued a statement confirming that it had instructed EY to begin the formal sales process for Project Glas – the project name for the sale of its Non-Performing Loans.

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However, the announcement gave no detail on the type of loans being sold, the number of loans and whether family homes are involved.

Mr McGrath said: "Given the fact the government has refused to regulate such funds, Fine Gael would be complicit in mortgage holders being thrown to the wolves if such a sale was allowed to proceed.

"The bank and the Minister for Finance need to make an urgent statement on this."

(CD/MH)