Tag Archives: Vulture funds

This afternoon.

Rutland Place, Dublin 1

Residents Helen Flanagan and Amy Ni Mhurchu outside their rented house joined by supporters and members of the Community Action Tenants Union Ireland (CATU).

The claim that their landlord who was subletting off someone else – whose loan was purchased by a vulture fund – did not give proper notice before telling them that they have to leave.  Helen and Amy say that they are willing to comply as long as they are treated with ‘fairness and dignity’.

Community Action Tenants Union Ireland (CATU)

Sam Boal/Rollingnews


A report from accountants PwC has revealed Dublin is now the third-most attractive city in Europe for investors in property, up from seventh a year earlier.

The growth of big tech companies such as Facebook and Google is adding to the demand for housing.

The report said this was behind the growth of so-called “build-to-rent” housing, in which developers build whole apartment blocks to be sold off to big landlords.

Joanne Kelly, real estate leader at PwC Ireland, said big investors had shifted towards residential property in recent years.

Foreign investors rush to cash in on our housing crisis (Independent.ie)

David Chabily writes:

Why is nothing being discussed about, at the least temporarily, banning foreign investors from sucking up Irish property?

New Zealand have already done this, and likely Berlin will too.


Pic: Shutterstock

Independent TD Mick Wallace in the Dáil last week on vulture funds and real estate investment trusts (REITs)

Mick tweetz:

Vulture Funds have caused untold damage in Ireland, but they couldn’t have done so without the 100% support of the Fine Gael/Labour & FG/Ind Alliance Governments, not to mention their beautiful relationship with our friends in NAMA…

Thanks Gemma


isn’t he.

Permanent TSB’s (PTSB) planned sale of €900 million of “split mortgages” will expose borrowers to the whims of overseas investment funds, as contracts underpinning such arrangements entitle the lender to terminate the accord at will, the Oireachtas finance committee heard on Thursday.

As of the end of December, PTSB has restructured some 6,157 troubled owner-occupier loans as split mortgages, where repayments of interest and principal on part of the loan are put off to a future date, subject to a review every three years.

PTSB split-mortgage sale exposes customers to ‘will of vultures’ (Irish Times)

Earlier today.

During Leaders’ Questions, taken by Minister for Health Simon Harris.

Sinn Fein TD Pearse Doherty raised the Permanent TSB sale of €3.7 billion worth of residential mortgage loans.

Mr Doherty said the bank has been invited to attend the Oireachtas finance committee next Tuesday.

Mr Harris said the bank should go before the committee and said it would be good to see some “humility” from the bank.



Previously: ‘It’s Essential For The Long-Term Health Of Irish Banking’

Via Gavan Reilly

St Helen’s Court, Dun Laoghaire, County Dublin

Residents of 17 apartments in Dún Laoghaire in Dublin have been told by their landlords – two global investment funds – that they have to vacate the property within weeks.

The tenants of Saint Helen’s Court received letters from a receiver acting on the owners’ behalf, telling them to move out on various dates to allow for major refurbishments.

…It says residents will have the chance to re-rent the apartment once work is completed under certain conditions.

However, residents are sceptical. They say last year attempts were made to substantially increase the rent, just two days before the enactment of legislation only allowing rent rises of 4% a year in designated rent pressure zones.

Call for Govt to intervene as residents told to vacate 17 Dún Laoghaire apartments (RTÉ)

Pic; RTÉ


Deutsche Asset & Wealth Management Logo (PRNewsFoto/Invesco)


Vulture funds from top: Blacktree; Hammerson, Oaktree, Deutsche and Cerebrus

The big five.

They own you.

Play nice.

Via Tom Lyons in yesterday’s The Sunday Business Post:

Just five so-called vulture funds have acquired tens of thousands of loans from Irish borrowers with a par debt of €24.95 billion.

United States fund Cerberus, which is embroiled in the Project Eagle controversy, is by far the largest acquirer of debt from Nama. It has taken control of loans with a par value of €14.4 billion.

Oaktree comes in second having acquired loans with par debt of €3.9 billion followed by Deutsche Bank at €2.45 billion.

Dundrum Shopping Centre Hammerson Allianz is in fourth position, having bought loans primarily associated with the developer Joe O’Reilly with a par value of €2.4 billion.

Blackstone, which bought debts associated with the developer Michael O’Flynn is in fifth position, having taken control of loans with a par value of €1.8 billion.

Cerberus acquired its €14.4 billion of debt at an undisclosed total discount from Nama in just four deals.

Cerberus paid €1.6 billion for Project Eagle, a transaction which is now being investigated by various parties including the National Crime Agency in Britain.

Good times:

Five vulture funds own Irish debts of €25 billion (Tom Lyons, Sunday Business Post – subscription needed)

People Before Profit/Anti-Austerity Alliance TD Richard Boyd Barrett picks apart the government’s vulture fund housing policy to the visible chagrin of Housing Minister Simon Coveney during today’s leaders’ questions.

Earlier: Anything Good In The Dublin Economic Monitor?