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Protesters bringing a coffin to the door of PTSB today. Michelle Hennessey

Protesters deliver a coffin to the door of PTSB, as government agrees to regulate vulture funds

The Central Bank is to review their code of conduct for how financial institutions deal with those in mortgage arrears.

PROTESTERS MARCHED A coffin to Permanent TSB headquarters in Dublin today to voice their opposition to the sale of mortgages to vulture funds.

PTSB, which is 75% State owned, has defended its plan to sell off a book of non-performing loans known as Project Glas.

The proposed sell-off of 18,000 properties, including 14,000 private dwelling homes, has become the subject of a political battle in the last week.

Today, the government agreed to support Fianna Fáil’s bill to regulate vulture funds.

Finance Minister Paschal Donohoe said he will work with Fianna Fáil’s finance spokesperson Michael McGrath, though he said significant redrafting of the bill will have to be carried out for it to have the “desired effects”.

In addition, the minister said he has asked the Central Bank to review their code of conduct for how financial institutions deal with those in mortgage arrears.

DXDPzepWAAAK6A3 Protesters at the door of PTSB HQ today. Michelle Hennessey Michelle Hennessey

TD Michael Collins told TheJournal.ie that the coffin carried to the bank today represents the people who have lost their lives and the families in mortgage arrears that have been sold off to vulture funds.

Speaking to reporters today, Donohoe said he was aware of the concerns homeowners had about the possible sale of their mortgages.

Treating mortgage holders fairly

“I understand and want to recognise the worry this is causing people at the moment. I am determined as minister for finance that everybody is treated fairly and for these reasons a review of a code of conduct is appropriate,” he said.

Donohoe said the bill to regulate vulture funds “will have an effect on the regulatory environment that is there at the moment” and will have a “positive effect”.

Under the current regulations, it is only the intermediary, or middle man, that works between the mortgage holder and the vulture fund that falls under Central Bank regulations. The loan body or vulture fund itself which owns the mortgage is not regulated.

The regulatory reach of the Fianna Fáil bill will now extend to vulture funds. The minister said he is satisfied the new rules “does not constitute any interference in our banks”.

PASCHAL 510_90538066 Minister for Finance and Public Expenditure and Reform, Paschal Donohoe Sam Boal Sam Boal

The minister told reporters today that the regulatory framework put in place in the past, when he was not a minister in the department, “was appropriate then”.

However, he pointed out that he always said he would keep the matter under review.

Having looked at the current regulations with “an open mind”, Donohoe now believes the rules should now be strengthened.

Changing the regulations

“I have reviewed it and decided a change like this will be of help,” he said.

Due to the impending sale of the PTSB loan book, McGrath said his bill should be expedited through the Dáil.

The minister said it will be “quicker” for government to amend the Fianna Fáil bill rather than government introducing their own “from scratch”.

“I am committed to move forward with this bill as quick a way as possible,” said the minister.

In relation to the review of the code of conduct, Donohoe said he has asked the Central Bank to get back to him as soon as possible on the matter.

Lending institutions such as banks and building societies are bound by the Central Bank’s code of conduct.

It was first introduced by the Central Bank under the Central Bank Act 1989 and sets out that financial institutions must adopt specific procedures when dealing with borrowers experiencing arrears and financial difficulties.

Critics such as Sinn Féin have argued that the code should be put on a statutory footing. A department source said this is not possible due to the need to amend the code on a constant basis, with at least four amendments being made to the code since 2009.

The minister said he could not indicate today if the code would be amended in the future as that is up to the Central Bank to determine. However, Donohoe said he is committed to ensuring the best regulatory environment is in place before the PTSB sale is completed.

“Every act I take has consequences, all decisions made by me as minister of finance have consequences,” said Donohoe, who said he has to strike a balance ensuring the bank’s balance sheets are healthy, while also ensuring that mortgage holders are protected.

Harris on PTSB home loan sale: ‘It’s time to see a bit of humility from our banks’>

Minister concedes homeowners who engaged with PTSB may not have deals honoured>

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    Mute Dave Doyle
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    Feb 27th 2018, 8:45 PM

    In other words the regulation will be the same as applies to the banks. No regulation.

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    Mute Ted Murray
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    Feb 27th 2018, 8:49 PM

    @Dave Doyle: __ They have pulled their finger out a bit since 2008. https://www.centralbank.ie/regulation/how-we-regulate/supervision

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    Mute The Bob
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    Feb 27th 2018, 8:56 PM

    @Dave Doyle: It is actually much harder for banks to repossess properties against mortgages in arrears in Ireland compared to many other countries. Especially if it is a principal primary residence.

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    Mute Dave Doyle
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    Feb 27th 2018, 9:13 PM

    @The Bob: That’s why the government legislated twice to make it easier for the banks.

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    Mute Patty Cullinane
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    Feb 27th 2018, 10:27 PM

    @Dave Doyle: hi Dave. …below is a link to an article dated just last Saturday Feb 24, 2018. If you haven’t read it yet, please read. It is short, interesting , and important.

    https://www.independent.ie/business/personal-finance/property-mortgages/charlie-weston-the-day-the-vulture-funds-came-for-me-36639042.html

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    Mute Patty Cullinane
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    Feb 27th 2018, 10:30 PM

    I urge everyone to click on the link below, and have a quick read. It illustrates just what can happen to anyone, and why regulation of the VFs are so important.

    https://www.independent.ie/business/personal-finance/property-mortgages/charlie-weston-the-day-the-vulture-funds-came-for-me-36639042.html

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    Mute Patty Cullinane
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    Feb 27th 2018, 10:34 PM

    Typo…..regulation of the VFs ‘is’ so important.

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    Mute Dave Doyle
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    Feb 27th 2018, 10:50 PM

    @Patty Cullinane: Hi Patty .. So it’s as suspected, banks are selling tracker mortgages with no arrears on them to vulture funds. What we see is that the now owener of the mortgage is Irish, by the name of Proteus, unregulated by the Central Bank, part of Pepper. All traced back to Goldman Sachs.
    Are we still to believe the lies that only those with arrears or those who paid nothing for 7 years are the only mortgages to be hived off by the banks. This puts the lie to that bit of spin.

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    Mute Patty Cullinane
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    Feb 27th 2018, 10:59 PM

    @Dave Doyle: this was the point I was trying to drive home to the people who just didn’t want to hear it. If they listened, then they would have to accept that it can happen to them too. Everyone who wants to hide from it, does so out of fear. It is easier to blame what they deem the “bad citizens” than it is to place the blame exactly where it belongs. This is why we all need to be on the same page. This topic affects everyone. ..whether they want to believe it or not.

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    Mute Patty Cullinane
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    Feb 27th 2018, 11:09 PM

    @Dave Doyle…

    and of all people to get a letter from a VF

    The Personal Financial Editor of the Irish Independent. …who happens to be…wait for it…….on a Tracker mortgage in perfect standing.
    Well surpise surprise.

    You couldn’t make this stuff up.

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    Mute Dave Doyle
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    Feb 27th 2018, 11:10 PM

    @Patty Cullinane: On another article here i’ve been accused of “spreading fake drivel” and the fact i still have an active account is being taken into question.
    Some would rather the truth be kept hidden.

    19
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    Mute Patty Cullinane
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    Feb 27th 2018, 11:16 PM

    @Dave Doyle: that reaction is common in fear based societies. It frightens people to think that these things can happen to anyone……including themselves. What’s the old saying…’but for the grace of god go I’?

    Everyone needs to realise that, that is truer than they think.

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    Mute Dave Doyle
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    Feb 27th 2018, 11:20 PM

    @Patty Cullinane: The way things are going there won’t be a blade of grass left that’s owned by an Irish person in their own country.

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    Mute Derek Poutch
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    Feb 27th 2018, 11:48 PM

    @Patty Cullinane: Yes up to now Charlie has been a good supporter of government different now when he understands the way the ordinary folk have to put up with.

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    Mute Patty Cullinane
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    Feb 28th 2018, 12:04 AM

    @Derek Poutch: karma’s a bitch!

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    Mute Patrick J. O'Rourke
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    Feb 28th 2018, 9:26 AM

    @Dave Doyle: The way things are going the Vulture Funds will make the old British landlords look like the Samaritans,

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    Mute David Sinclair
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    Feb 27th 2018, 8:49 PM

    Fine Gael starting to realise they had another Irish Water style protest on their hands allied with a surge in the polls for Fianna Fail causing them to panic and search around desperately for some shallow solution with which they can portray themselves as having a conscience.
    Laughable.
    We all know where their interests lie don’t we.

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    Mute Brinster
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    Feb 27th 2018, 9:19 PM

    @David Sinclair: Wow. There is literally not a single part of that comment that is true.

    100,000 people took to the streets for Irish Water.

    This was a dozen people with a cardboard prop that would shame a village Am Dram group.

    65
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    Mute Dave Doyle
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    Feb 28th 2018, 6:49 AM

    @Brinster: Brinster, can you not feel the shift in opinion now? Not just us from all sides of the political divide here, but on all manner and means of media, and on the streets. Image nurturing doesn’t do anything to cure the underlying problems in society. Leo is turning into Ireland’s version of Tony Blair, all spin, all style, but no substance. The government is unable to cope with what it has created, and the cracks are starting to appear. It looks like the banks method of dealing with the tracker mortgage scandal is to hive them off to vultures, as we see in the Charlie Weston story. The family in Balbriggan evicted by KBC bank, using British mercenaries as security, rescued by neighbours. That scene is going to multiply all around the country as the well warned about eviction storm becomes a reality on the streets. 150 extra beds have been made available for those homeless that live on the streets, much needed given the weather situation. That’s being spun to appear as if Leo is directly responsible for such a magnanimous gesture. When it’s the charities the problem was farmed out to are doing their job.
    7 years ago before a much needed GE we had the greatest load of lies piled on the electorate that has ever been seen in the history of the state. A people desperate for change believed the lies. Nothing changed, in fact life got much harder for most people, and harder still for those at the bottom. Two years ago we had another GE. What people ended up with out of that was a minority government concocted together by way of backroom deals and seen a de facto coalition by the two main establishment parties. Now we have a fancy Dan, a failure in two ministeries, Taoiseach that thinks the electorate are fools and deserve to be treated as such.All the fine figures trotted out cannot disguise the reality of life for people in Ireland. The reality of the government approved greed of banks and vulture funds. The reality of a public health service not worth the name. The reality of the destruction of public services, many handed over to private for profit companies, where every one using them is now a “customer”. Do we need to mention the lie of the PSC that’s been forced on people and the potential to use it to stifle any dissent in the country.
    A shameful cardboard prop the coffin might be, the sentiment behind it is far from a prop. What you don’t see here is the slow but sure rise of militancy among people.The government are lighting the fuses all over the place.

    34
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    Mute David Huston
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    Feb 27th 2018, 9:00 PM

    the central bank needs to relinquish its stranglehold on credit unions, its anti-competitive.

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    Mute Brian Egleston
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    Feb 27th 2018, 9:28 PM

    @David Huston: well said , sir !

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    Mute Richard Sweeney
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    Feb 27th 2018, 9:31 PM

    @David Huston: Any chance you could explain that to me please.

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    Mute David Huston
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    Feb 27th 2018, 9:45 PM

    @Richard Sweeney: Its Common knowledge the central bank is restricting credit unions lending ability, Its simple greed and protecting its monopoly.
    https://www.independent.ie/business/personal-finance/central-bank-is-accused-of-holding-back-credit-unions-36365877.html

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    Mute Richard Sweeney
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    Feb 27th 2018, 10:20 PM

    @David Huston: Thanks David for the link.

    “He said statements by former finance minister Michael Noonan in the Seanad in 2011 that the credit unions would need a €1bn bailout from taxpayers proved far off the mark. But this was used by regulators and policy makers to hold back the development of credit unions.”

    Should’ve known that shite hawk would be involved.

    38
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    Mute Zossima
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    Feb 27th 2018, 9:19 PM

    WILL THE STORY ABOUT THE KBC ATTEMPTED EVICTION OF A FAMILY IN DUBLIN BE REPORTED. #letsusebritishthugs

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    Mute David Huston
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    Feb 28th 2018, 12:41 AM
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    Mute Deskindo
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    Feb 27th 2018, 9:03 PM

    Surely if PTSB is 75% state owned, the Govt can legislate against selling off loans to these vulture’s who are only interested in making a quick killing at the cost citizens livelihoods, and indeed, in some cases very lives?

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    Mute Dave Magee
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    Feb 27th 2018, 8:46 PM

    Gangsters

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    Mute David Huston
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    Feb 27th 2018, 8:57 PM

    @Dave Magee: Banksters.

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    Mute John003
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    Feb 27th 2018, 8:49 PM

    Don’t think the health of the PTSB balance sheet is responsibility of the minister….It is responsibility of ECB under fiscal pact we signed….They are independent of EU governments….Germany insisted never again would Irish or Spanish finance minister be able to mess with a bank balance sheet….Which is good idea….It was ECB and it’s messenger boy Irish central bank that instructed PTSB to see it’s toxic mortgages not the minister for finance….

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    Mute Paul J. Redmond
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    Feb 27th 2018, 9:54 PM

    @John003: Valid points but its the Government who can pass laws to protect the people they’re paid to represent, from foreign vulture funds who are soulless minsters prepared to utterly destroy Irish families for the almighty dollar.

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    Mute Paul J. Redmond
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    Feb 27th 2018, 9:55 PM

    @Paul J. Redmond: *** soulless monsters *** damn autocorrect

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    Mute Willy Malone
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    Feb 27th 2018, 9:26 PM

    Every act I take has consequences, all decisions made by me as minister of finance have consequences,” said Donohoe, who said he has to strike a balance ensuring the bank’s balance sheets are healthy, while also ensuring that mortgage holders are protected.
    Translation.. Status Quo will be maintained…

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    Mute Patty Cullinane
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    Feb 27th 2018, 9:57 PM

    Well….this is a start. We will see just how all this plays out. Everyone needs to be on the same page, and pay close attention to the details. Be careful of FG and Paschal Donohoe’s management speak. And now we wait.

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    Mute Joseph Dempsey
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    Feb 27th 2018, 9:02 PM

    Theirs a word FG don’t quite grasp and it’s NO, major shareholders. they have the power bit clearly not the wherewithal

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    Mute Rusty3578
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    Feb 27th 2018, 10:14 PM

    It’s like this if u don’t pay your mortgage payments your house is gone there’s nothing u can do about it end of story :)

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    Mute Dave Doyle
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    Feb 28th 2018, 4:35 AM

    @Rusty3578: The Charlie Weston story puts the lie to that drivel.

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    Mute @mdmak33
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    Feb 27th 2018, 9:16 PM

    So ff kicked up another storm,and it has gone out in a wimper.sales to vultures continues thanks to fg and ff.

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    Mute Virtual Architect
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    Feb 27th 2018, 8:56 PM

    The taxpayers own the bank but the bank wants to make people homeless… 50 years from now people will wonder why a sub moron level of intelligence was required to run a government. How stupid do you have to be to vote for these people?

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    Mute Pat Bateman
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    Feb 27th 2018, 10:45 PM

    Money for a coffin, able to take the day off work, but no money for their mortgage? Hmm

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    Mute Shakka1244
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    Feb 27th 2018, 11:24 PM

    @Pat Bateman: have you never taken a day off work Pat?

    23
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    Mute Neal Ireland Hello.
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    Feb 28th 2018, 7:23 AM

    @Pat Bateman: All full time employees get a minimum of 20 days paid leave per year, no exceptions, its the law.

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    Mute Pat Bateman
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    Feb 28th 2018, 8:11 AM

    @Neal Ireland Hello.: Should be working overtime to pay off those arrears

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    Mute Barra O Brien
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    Feb 28th 2018, 1:15 AM

    People should close their accounts with ptsb

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    Mute Barry O Neill
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    Feb 27th 2018, 11:01 PM

    Dont understand, the government is that bank,
    They own 75 pc?

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    Mute Martin Sinnott
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    Feb 27th 2018, 9:11 PM

    Has the central bank got the staff ?

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    Mute Brian Egleston
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    Feb 27th 2018, 9:53 PM

    Too late – another FG PR blunder !

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    Mute James Reilly
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    Feb 28th 2018, 1:37 AM

    The people are the only ones to stop this unjustness.. corrupt corporate politicians corrupt corporate Garda . Last night was the first sign of hope in 10 yrs .. real change happens when the people unite together.. remember there is no debt it was cleared by your money stolen by corrupt politicians

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    Mute Michael Nolan
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    Feb 27th 2018, 10:50 PM

    Probably get better results with a battering ram fxxk all good bringing a coffin they were all In side laughing at them …I’d say.

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    Mute io music
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    Mar 4th 2018, 1:51 PM

    Lets sell the loans of 4 billion for 500 million, then the vulture can make billions.

    We should start executing senior bank staff

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    Mute d
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    Feb 28th 2018, 7:11 PM

    Cool I hope I can buy a house and not bother paying for it and then complain about vultures, Irish water, and public services cards .

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    Mute tom McCormack
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    Feb 28th 2018, 1:37 PM

    People should pay what they owe instead of playing the system.

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    Mute Jimmy Kiely
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    Feb 28th 2018, 2:28 PM

    The government should be taken the lead on this not waiting to see what PTSB is going to do next, after all we the tax pay still owns 75% of this bank.
    The government should not be lead by what the European bank are saying about us.
    Tell PTSB we are taken our 75% share now, see long PTSB survive with 25 % of nothing????

    Jimmy

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