Upcoming Events

National | Housing

no events match your query!

New Events

National

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link Sanctioned by PayPal Thu Aug 04, 2022 21:31 | Anti-Empire

offsite link Spain Limits Heating to 19ºC, Cooling t... Tue Aug 02, 2022 11:39 | Associated Press

offsite link WHO Declares Monkeypox a “Global Healt... Sat Jul 23, 2022 21:01 | Apoorva Mandavilli

offsite link Zelensky Says Ukrainian KIA Down From Pe... Sat Jul 23, 2022 18:13 | Anti-Empire

offsite link German Health Ministry: 1 Severe Adverse... Sat Jul 23, 2022 11:25 | Matthew Roscoe

Anti-Empire >>

The Saker
A bird's eye view of the vineyard

offsite link Why have I stopped posting maps of the situation in the Ukraine and a few other questions Wed Aug 10, 2022 19:48 | The Saker
A reader recently asked me why I have not posed any maps of the military situation in the Ukraine, and that is a fair question which I will answer below.

offsite link Roger Water blasts a CNN propagandist Wed Aug 10, 2022 18:02 | The Saker

offsite link France?s Political Turmoil Wed Aug 10, 2022 17:16 | The Saker
BitChute embedding powered by embed.tube YouTube version:

offsite link Only NATO Could De-Militarise Itself! Wed Aug 10, 2022 16:07 | The Saker
By James Tweedie for the Saker blog In a scene from the 1974 film The Four Musketeers, the second part of the previous year?s The Three Musketeers, the vain Porthos

offsite link Needham?s puzzle in retrospect Wed Aug 10, 2022 16:07 | The Saker
by Jean-Pierre Voiret for the Saker blog First note: With all its problems, Needham?s Science and Civilisation in China (SCC) is definitely a tremendous contribution to the history of science

The Saker >>

Lockdown Skeptics

The Daily Sceptic

offsite link How Many Lives Did the Vaccines Save and How Many Did They End? Wed Aug 10, 2022 19:40 | Will Jones
As near-universal natural immunity renders the Covid vaccines largely obsolete, we can weigh up how many lives they saved and how many they ended. The calculation does not come out well for the vaccines.
The post How Many Lives Did the Vaccines Save and How Many Did They End? appeared first on The Daily Sceptic.

offsite link Excess Non-Covid Deaths Top 12,500 in 14 Weeks As Oxford Professor Joins Call for Government to Inve... Wed Aug 10, 2022 11:49 | Will Jones
There have now been 12,517 excess non-Covid deaths in England and Wales in the last 14 weeks, according to official data, as an Oxford Professor joins the call for the Government to investigate the alarming trend.
The post Excess Non-Covid Deaths Top 12,500 in 14 Weeks As Oxford Professor Joins Call for Government to Investigate Alarming Trend appeared first on The Daily Sceptic.

offsite link Schools Which Let Boys Use Girls? Toilets and Use Preferred Pronouns Without Medical Advice are Brea... Wed Aug 10, 2022 07:00 | Will Jones
Schools that only offer 'gender neutral' lavatories or allow pupils to 'socially transition' are acting unlawfully, Suella Braverman has said as she sets out the Government?s legal advice on transgender pupils.
The post Schools Which Let Boys Use Girls’ Toilets and Use Preferred Pronouns Without Medical Advice are Breaking Law, Says Government appeared first on The Daily Sceptic.

offsite link News Round-Up Wed Aug 10, 2022 00:34 | Will Jones
A summary of all the most interesting stories that have appeared about politicians? efforts to control the virus ? and other acts of hubris and folly ? not just in Britain, but around the world.
The post News Round-Up appeared first on The Daily Sceptic.

offsite link Woman, 80, Banned From Swimming Pool after Demanding a Male Trans Employee Left the Female Changing ... Tue Aug 09, 2022 19:30 | Will Jones
An elderly woman has been banned from a swimming pool after she demanded that a transgender employee left the female locker rooms.
The post Woman, 80, Banned From Swimming Pool after Demanding a Male Trans Employee Left the Female Changing Room appeared first on The Daily Sceptic.

Lockdown Skeptics >>

Voltaire Network
Voltaire, international edition

offsite link Voltairenet.org is taking a hiatus Thu Jul 14, 2022 20:47 | en

offsite link Paradoxes of Russophobia Thu Jul 14, 2022 12:46 | en

offsite link EU-Russia agreement on supplying Kaliningrad Thu Jul 14, 2022 12:26 | en

offsite link Political destabilization plagues the West Thu Jul 14, 2022 05:40 | en

offsite link Ukraine destroys its Nova Kakhovka factory Wed Jul 13, 2022 07:53 | en

Voltaire Network >>

New report highlights Irish government facilitation of vulture funds. Growing risk to Irish homeowners highlighted

category national | housing | press release author Tuesday May 03, 2016 23:00author by DDCI - Debt And Development Coalition Irelandauthor email hello at debtireland dot orgauthor address Unit F5 Spade Enterprise Centre, North King Street Dublin 7author phone +353 1 6174835 Report this post to the editors

Press Release - Tues May 3rd

DDCI calls on incoming Government to prioritise strict regulation of controversial funds

A new report released today (Tuesday May 3rd) by Debt Development Coalition Ireland highlights the manner in which vulture funds have aggressively bought up large volumes of debt in recent years, and how this form of financial speculation has had hugely negative social impacts both in Ireland and the Global South.

Entitled "From Puerto Rico to the Dublin Docklands: Vulture Funds and debt in Ireland and the Global South" the report shows how the Irish government has actively facilitated vulture funds through both the IBRC and NAMA.
Table of top ten vulture funds operatoring in Ireland
Table of top ten vulture funds operatoring in Ireland

DDCI calls on incoming Government to prioritise strict regulation of controversial funds

A new report released today (Tuesday May 3rd) by Debt Development Coalition Ireland highlights the manner in which vulture funds have aggressively bought up large volumes of debt in recent years, and how this form of financial speculation has had hugely negative social impacts both in Ireland and the Global South.

Entitled "From Puerto Rico to the Dublin Docklands: Vulture Funds and debt in Ireland and the Global South" the report shows how the Irish government has actively facilitated vulture funds through both the IBRC and NAMA. http://www.debtireland.org/download/pdf/ddci_vulture_funds_report.pdf

For example, Texas based Lone Star Capital bought 60% of all assets brought to market by IBRC, while 90% of assets sold by NAMA went to US firms, the majority to private equity firms.

DDCI Director, Maeve Bateman, said:

“Vulture funds have earned their nickname through the aggressive and unusual tactics they pursue. The government has welcomed vulture funds into the Irish property market, without properly considering the impact. We would call on the incoming government to prioritise this issue. Immediate steps need to be taken to find out just how many mortgages are owned by vulture funds unregulated by the Central bank, and to ensure that the tenants and homeowners living in these homes are better protected.

The relatively recent role of vulture funds in the Irish market highlights the ongoing impacts of our own debt crisis, and shows the case for an independent global sovereign debt resolution mechanism has never been clearer”.

The report’s author, Dr Michael Byrne of the UCD School of Social Policy, said:

“The funds’ history of aggressive asset management strategies poses significant risks for tenants and homeowners in Ireland whose homes are now simply assets on balance sheets for the funds, highlighted by the recent case of tenants in Tyrrelstown and business closures such as Clery's.”

The report recommendations include:

· The creation of an international sovereign debt resolution mechanism; · Legislation to bring about much improved transparency regarding the actions of vulture funds and to bring them under the regulation of the Central Bank · Greatly strengthened legal protections for mortgage holders.

ENDS

For further information contact Maeve Bateman, Director, Debt and Development Coalition Ireland, 01 6174835 / 087 2069017

Note to Editor: Vulture Funds are typically hedge funds or private equity firms who invest in bad debt. Bad or 'distressed' debt can be bought and sold on the secondary financial markets, and offers particular opportunities to achieve super-normal profits to investors who can buy it cheap and find a way to make the investment come good. Vulture funds operate in situations of crisis, pursuing aggressive and unusual strategies to take advantage of the misfortune of others. This form of financial speculation, and the lack of regulation in the financial system to manage it, has been shown to have hugely negative social impacts, both in Ireland and the Global South.

DDCI will have a public event on Wednesday with the report author Michael Byrne, David Hall and Tony Romano, a US housing activist. Event details are: http://www.debtireland.org/events/2016/05/04//



From Puerto Rico to the Dublin Docklands
Vulture funds and debt in Ireland and the Global South


This report was commissioned by DDCI and written by Dr. Michael Byrne.

Table of Contents

1. Introduction 2
2. Vulture funds: speculating on debt and crisis 3
3. Vulture funds and sovereign debt in the global south 4
4. The vultures come to Europe 6
4.1) The European financial crisis: an investment opportunity for vulture funds 6
4.2) Ireland’s great property give away 8
4.3) Understanding the risks posed by vulture funds in Ireland 9
4.4) The role of the Irish government in attracting vulture funds 10
5. Vulture funds, distressed debt and global financialization 12
6. Clipping the vulture’s wings: recommendations 14
6.1) Vulture funds in the global south: recommendations 14
6.2) Vulture funds in Ireland: recommendations 15
6.3) Financial crisis and distressed debt 16
Annex 1. Case Studies 17
Annex 2. Further Reading 20

PDF Document Report - From Puerto Rico to the Dublin Docklands: Vulture Funds and debt in Ireland and the Global South 1 Mb


© 2001-2022 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy