Homeless Charities and Homeowner Advocacy Groups Unite to Halt Vulture Funds

The National Housing Co-Operative Bill 2017



So say a growing number of Advocacy Groups and Charitable Organisations who together, are calling on the Government, and all Political Parties, to demand that AIB, ULSTER BANK, PTSB, BOI and other bailed-out financial institutions, desist from facilitating the sale of any further Irish Homes to Vulture Funds.


“Considering the State is the majority shareholder in AIB, the State, or indeed all Irish tax payers “We” are now planning to sell the homes of fellow Irish families to Vulture Funds at knock down prices. The Vulture Funds then seek to evict tens of thousands of Irish families, who “we”, shall then have to pay to re-house.

So, having paid to bail out Banks “We” are now expected to pay again, in millions, to re-house the victims “We” created by selling Irish Homes to Vulture Funds.

The solution is removing the Banks and the Vulture Funds from the equation using the proposed legislation – The National Housing Co-Operative Bill 2017 and in doing so – Keep People in Their Homes!”

Austin Byrne – Right2Homes, June 2017

“There is absolutely no justification for future ‘lines in the sand’. This economic madness can and should be stopped right now.” – Brian Reilly, Co-Founder at Right2Homes


Mike Allen, Director of Advocacy at Focus Ireland said: “No strategy to tackle our housing and homelessness crisis can succeed unless it is able to stem the dreadful flow of families losing their homes on a daily basis, over 70 families a month in Dublin alone this year.  The solution to this crisis is complex and long-term, but there are a few clear issues about which something can be done quickly and effectively if the political will exists.  One of these is to protect people from the predatory nature of vulture funds.

“Vulture funds are emerging as one of the primary reasons for people losing their homes, or living in crippling fear of doing so. This is true in the private rented sector, where buy-to-let landlords are forced to sell up and tenants have no protection. It is also true of home owners in mortgage arrears. Instead of protecting citizens from predation by these vultures, our banks and state institutions have seen them as a solution to their own financial problems. To date the Government and the Oireachtas have failed to protect the homes of families and other citizens. ‘The National Housing Co-Op Bill 2017’ sets out an elegant and effective way to provide that protection and Focus Ireland calls on everyone who is serious about tackling the homeless crisis to give it their support.”


“A major cause of homelessness today is eviction from buy-to-let properties which have fallen into mortgage arrears.  However, there are 35,000 home owners who are in mortgage arrears of more than 2 years and few of these will be resolved to the satisfaction of the lenders.  AIB is currently talking about an increase in home evictions over the next two to three years which would substantially increase the level of homelessness with people who never experienced homelessness before and never even dreamed that they would ever be homeless.  Keeping those 35,000 households in their homes (and the 15,000 buy-to-lets who are also in mortgage arrears of more than 2 years) is a matter of urgency.” – Fr. Peter McVerry


“It is crucial for homeowners and also for ordinary taxpayers in Ireland that a stop is put to this sale, until such time as adequate consideration is given to the National Housing Co-Op Bill, 2017. In the big scheme of things, that’s not an unreasonable request; after all, AIB benefitted significantly by the hardship that Irish taxpayers endured, and continue to endure, as a result of bailing out Irish Banks.” – Caroline Lennon-Nally


The Co-Op Bill is now before both Houses of the Oireachtas and is being promoted by John McGuinness TD, Chairman of the Finance Committee, Independent TD Mattie McGrath and Senator David Norris.

With support from Sinn Féin, the Labour Party, People Before Profit & Solidarity, the Green Party, the Rural Alliance, Independent Td’s and others – the list is growing of those ‘Getting behind the Bill’.

Former Taoiseach Enda Kenna has recently indicated to one of our close associates that this most serious issue should not be addressed on a Partisan basis.

The proposed legislation was initiated by the Right2Homes umbrella group and drafted for them by Edmund Honohan, Master of the High Court, who participated in the presentation of the National Housing Co-Op Bill to the Finance Committee as part of a select R2H Panel of Experts.

“The sole objective of this Bill is to remove distressed loans and homes away from the banks and help ‘keep people in their homes

Brian Reilly, co-founder at Right2Homes.

The Homeless Crisis, the chronic lack of Public Housing and the Distressed Mortgages debacle are all inextricably linked.”

Austin Byrne – Right2Homes, June ’17

“We are badly in need of some joined-up-thinking at Government level, almost 10 years into the crisis, and with Homelessness getting worse, we should halt the sale of distressed mortgages to Vulture Funds, at least until this tangible solution can be fully debated in the Dáil and the Seanad and become a reality.”

“This is a serious wake-up call for all of our elected representatives.”

Austin Byrne – Right2Homes, June ’17

So please ask yourselves…

“If not now, then when”

“If not us, then who”

The solution is to be found in ‘The National Housing Co-Op Bill 2017’ which aims to “Keep People in their Homes”

Austin Byrne – Right2Homes, June ’17

“Many of those who are becoming homeless today never, for one moment in their lives, ever thought they would be in this situation. I don’t know why anyone wouldn’t support this

Fr Peter McVerry, June ’17

“I think what we are likely to see is a further increase. We think, in a sense, that the mortgage arrears crisis is sorting itself out, but in actual fact what we are going to see is an acceleration of repossessions

Dr Rory Hearne, Maynooth University, June ’17

Vulture Funds should be stopped in their tracks and, if possible, kicked out of this country.”

Senator David Norris, June ’17

“Gentlemen you are the Gatekeepers of Legislation, do not pass the buck!”

Master of the High Court, Edmund Honohan, June ’17

(Addressing the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach)

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