A local councillor has called on Monaghan County Council to write to the Minister of Finance, Michael McGrath over concerns around vulture funds. The matter was brought to the fore by Cllr Seamus Treanor at today's sitting of the Monaghan Municipal District.
Cllr Treanor believes interest rates of 10% which are being charged by vulture funds across the country are "extortionate" while the average bank rate is 4%.
According to Cllr Treanor, a motion was previously sent by the local authority "pleading" with Government to give mortgage holders first refusal, however this motion was ignored.
While the local representative said he has "no time" for any mortgage holder who makes "no effort" to pay back a loan, he believes that Government should "rein in" vulture funds. He added that it is important for mortgage holders to "stand together" in relation to this issue.
