LIMERICK Fianna Fáil TD Willie O’Dea questioned Finance Minister Michael McGrath in the Dáil recently on the Government’s proposals to deal with the dramatic increases in mortgages held by vulture funds.
Deputy O’Dea pointed out to the Minister that the issue is causing great distress to individuals with these mortgages.
Central Bank data published last month shows that, in June 2023, there were 712,347 private residential mortgage accounts for principal dwellings held in the State.
The majority of these mortgage accounts (84 per cent) are held by banks, with non-bank entities accounting for 16 per cent of the total stock of PDH mortgage accounts.
In response to O’Dea’s question, Minister McGrath encouraged anyone experiencing difficulty to reach out and contact their mortgage creditor.