Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Permanent TSB is in the process of selling €1.3 billion worth of mortgage loans to a vulture fund, Glenbeigh Securities. No one knows who owns the fund. It is completely secret having only been established one month ago. A key issue is that this is now tax free, as it is a section 110 company with charitable status. Despite the fact that the loophole in the Finance Acts 2016 and 2017 was closed, the fund is telling its investors it has found a way around it because Permanent TSB holds a small portion of the economic interest. Will the Taoiseach bring forward emergency legislation to close the loophole that a company holding €1.3 billion of Irish property has found a way around?

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