A Mayo Senator has described the decision by PTSB to sell loans secured on 10,700 properties as deeply worrying.
Sinn Fein Senator Rose Conway-Walsh says many questions remain to be answered about Monday’s announcement of the sale of these loans to Lone Star.
She says this company and other parent companies of vulture funds remain outside the regulatory framework in this State.
Minister Paschal Donohue has expressed his confidence that those whose loans have been sold on will be protected.
However Senator Conway-Walsh says she is not confident about the protections in place for these loan holders.
She says Lone Star has been asked several times to appear before the Oireachtas Finance Committee where members could ask detailed questions on behalf of the thousands of customers who have received letters in the past few days but have refused to do so.