A Midlands/North West MEP says an EU Directive on non-performing loans would pose a serious threat to the rights of borrowers and consumers.
Sinn Fein Matt Carthy says that under the proposed Directive, individual mortgages would be broken up and bundled together into packages that can be traded by investors and vulture funds.
He says the directive aims to move bad debt off banks’ balance sheets, with expectations that return on the bundle is less risky than betting on a single mortgage.
The directive will be discussed at a public meeting in the Hotel Kilmore in Cavan this evening (Thursday) at 8pm.
Mr Carthy has been telling Ocean FM News why everyone should be concerned about this EU Directive: