Labour has hit out at the PTSB after it was revealed that it plans to sell-off up to €4bn of non-performing loans.

TD Joan Burton called on the Minister for Finance to "step in" to protect vulnerable homeowners.

She said: "Householders' mortgages on the family home and buy-to-let landlords with one or two properties, may find their mortgages being transferred without any consultation to another financial entity, and then sold on at bargain basement prices.

-- Advertisement --

"As Minister for Finance, Paschal Donohoe is the principle shareholder of PTSB on behalf of the Irish people, so it is incumbent on him to seek to protect citizens whose mortgages may be sold on to vulture funds.

"The minister must guarantee that no family will become homeless as a consequence of having their mortgage sold over their head without any consultation, and must now look at providing additional protection to those mortgage holders whose loans are being sold on.

"Where households are in difficulty, PTSB like other banks, will more than likely have engaged with many troubled mortgaged holders in the MARPs (Mortgage Arrears Resolution Process). These arrangements should continue to be honoured for a number of years to provide protection to the family home."

(CD)