Doherty predicts AIB sale will lead to home repossessions, sales to vulture funds

A Donegal TD is claiming Allied Irish Bank will soon start repossessing homes that are in mortgage arrears to sell them onto vulture funds.

Deputy Pearse Doherty, Sinn Fein spokesman on finance, says this will be one of the results of AIB shares being being sold off.

It follows Finance Minister Michael Noonan’s announcement that the government is to sell off a 25% stake in the bank.

Deputy Doherty says debates about what to do with the money from the sale miss the point, insisting that the sale damages the interest of Irish people, mortgatge holders and Irish business.

He says the real cost will not be measured in euro but also in social cost and that it’s ordinary people and businesses who’ll be hit again: