DublinGazette NOVEMBER 7-13, 2019
tinuing to nds are con Vulture fu r nests in Ireland feather thei ber 2019
E 7 Novem
GAZETT 14 DUBLIN
7 PART 1 OF
t have bough includ vulture funds property, SINCE 2016, billion of Irishfamily mortgages, of almost €30 thousands ing tens of half their true value. at less than
VULTUREFUNDS: Check out our first
Blackst one, firms like the biggest have become in the world, landlords thousa nds funds are purcha sing These vulture another ds of units… about to acquire year is and thousan the change d the they have €9bn before g landdue to be global housin out with letters e-holders scape”. sent to mortgag the vulture So who are in early 2020. in Irewhat, exactly funds operati ng Who, and and who funds are these their land? ing from is benefit US CEREBR profiteering? equity are priA US private Vulture funds to mainly firms and firm created ed vate equity that purthe distress operate in pension funds , they have forming or chase non-per at heav- debt market in Ireland , loans been active distressed purted prices, their largest o ily discoun sold among a portfoli eventually chases was y which are rcial propert of comme for profit. Bank. in several from Ulster helps They invest , loans scheme asset classes t informal curdifferen party, bypass the SACHS is debt, and s loans. to a third vultures GOLDMAN t one of which rg - gage ncy proces by a bank employ s ve prosr l d ’s l a were must appoin rent insolve Shorel ine balT h e wo they are attracti as they new rules that party Servicing firm to checks and ent bank, helpTHIS week, banks, with its servicing Pepper Asset est investm aimed at pects for a credit protecportfolio in he said. forming memor ably e announced ances,” manage its it and the they were can clear non-per ers resolv Cenjour- to manage people are US by books. ed by the ing consum “Already with an describ ed as Ireland. loans off their disputes tions afford Conthis ‘code’ are usually Matt Taibbi mortgage Code of asking is es to s These loans or nalist, tral Bank’s squid funds. pt by vultur g of age Arrear TONE vampire vulture commercial the attem to Mortg en BLACKS “great on a related availin betwe face private duct and The deal around the property, ncy nts block people World’s biggest wrapped an residential ssly ing insolve still apply. and Payme have been foot of buy with ty, relentle Banking ever improv s. equity firm comes on of humani vulture funds of Ireland This Ireland ers funnel in tion charge its blood Federa taking some arrangement that borrow off active investor ic crisis jamming the aim of State’s main don’t like concern g that smells econom ion of the ewere sold and (BPFI), the “Vultures since the and possess either a into anythin ncy arrang whose loans e of the lobby group, parties, banking to third of the insolve , despite and the collaps like money.” asset, through Advice and by banks ed the Sachs’s three property market. the Money the courts. be afford (MABS) ments where high-profile Goldman receiver or Service would not wners funds, Ennis er protec Budgeting some recent ordinary ation Many homeo their main vulture same consum an inform , Beltaaware MORTGAGES will see y Finance cases, many gotten good of d for borwere not even and START tions. to a Propert have affiliat e er infory Finance s leaflet create was sold families Anothe r ny Propert mortgage A new consum“Protechave arrangement Mortgags. ncy tions, Start , rower Star, the insolve Liffey Acquisi o of Is vulture fund. bil- Lone sets out mation leaflet rappora portfoli The deal almost €1 iMortgage approved. ment The UN special hous- collected TSB rs es bought has the recogn tions If Your of engage Party”, Permanent welcome local borrowe off right to rules “I funds Third the from Federa loans g or on lion up of on teur Sold to banks Bankin ber made are Farha earlier in the last two years hed to accom between more tion by the in Septem ges ing, Leilani when they to been publis MABS that ent. property loans. 1,422 home mortga and MABS, sent a letter agreem ation and are in borrowers. distressed y this year citizens et mortpany the ent notPropert David Hall, representing for how 510 buy-to-l than 40,000 tsunami B e l t a ny the Irish governm faciliHowever, age es wide- and a net book potential have It provid e caused Irish Mortg crisis, a s can ge. gages, with ing how they g Financ , was CEO of the ’s langua in 2016 and lender financin isation €274m. to anger of anyone MABS in Organ value er to try of this is tated housing ntial tax spread Holder s ned to agreeone of the work togeth age arrear s “The timing that the it threate Start are of the new and through “prefere tenant when funds 100 critical mortg given en the BPFI who ing resolve weak active vulture more than curious, ers most betwe evict examin laws and is borrow ment rented Bank legal proceed among other families from their ted for those eCentral in taking y exhaus protections g arrang MABS. customers. g’s ‘Agree Tyrrelstown. have alread mortrestructurin es are doing. ings against homes in measures”. “This mornin l Bank’s was highly more questhe Centra tion ments vultur old saying The report s resolu an ment’ raises and GLOBAL Ireland for gage arrear are entering “There is answers APOLLO LONE STAR to be wary critical of and tions than vulthe world’s the need the process, vulture funds to favour MANAGEMENT “global gifts.” Another of - about to enter allowin g appears bearing US es, which than custom private equity or are about of Greeks A leading s. its buy up properti g rents largest tures rather whether this investm ent Star and legal proces rocketin alterna tive firms, Lone not least new rules, has led to bought Resiers, the e ng housing r” Apollo As per is sold affiliate Shorelin and a worseni vul- manage o of Irish home mortgage the main where a a portfoli dential, are Bank crisis. which bought loans from Lloyds states that ture funds The report ion ht mul€307m. Bank Resolut in 2013 for “almost overnig equity the Irish (IBRC) mortprivate Corporation tinational management and asset
PADRAIG
CONLON
NEW RULES
URE FUNDS ON HOW VULT
CAN OPERATE
SPORT FOOTBALL:
Round Tower, Lusk continue their meteoric rise through the championships, pickign up Senior 2 on the way. SEE P31
Find us on Keep reading, keep recycling – thank you
IN IRELAND
installment in our series covering Vulture funds and how they operate SEE PAGE 14
Fingal Edition FREE
THE LATEST NEWS & SPORT FROM THE FINGAL COUNTY COUNCIL AREA
Anger boils over new water notice in Fingal Homes may be disrupted for months
SYLVIA POWNALL
HOUSEHOLDS across Fingal served with a second boil water notice in as many weeks, could be facing disruption for at least the next 12 months. Irish Water admitted on Tuesday that the Leixlip plant, which was built 40 years ago, needs major refurbish-
ment works which will take more than a year. The Environmental Protection Agency warned that the upgrade would not be enough to fix the underlying problem describing the facility as “unfit for purpose”. On Monday, 615,539 residents in north Dublin were issued with a sec-
ond boil water notice in the space of ten days after heavy rainfall resulted in contamination. Households in Ashtown, Balbriggan, Baldoyle, Clonee, Clonsilla, Corduff, Donabate, Howth, Lusk, Malahide, Naul, Rush, Skerries, Sutton and Swords were affected. CONTINUED ON PAGE 4
125,000 LISTENERS CAN’T BE WRONG @DublinCityFM
Your Special Interest Community Station Online and on FM
Goodbye to Uncle Gaybo
THE HOWTH community has been paying tribute to long-time neighbour Gay Byrne since sad news of his death broke earlier this week. Gay was a proud resident of the fishing village and could regularly be seen walking the Hill of Howth. SEE PAGE 3