The US vulture fund had acquired many large portfolios of distressed loans in Ireland in the past, but never so many secured on people’s homes. Why did CarVal do it this time, and where does this leave borrowers?
John McCarthy is a veteran meat trader and property investor whose firm Emerald Meats won a €2.5 million damages payout against the government over beef import quotas. Having built up a multi-million business empire since the 1980s, the 63-year-old is now facing eviction from his Ballsbridge home.
The comments by the head of KBC Bank Ireland’s Belgian parent on tracker mortgages highlighted yet again the lack of cultural change at the upper echelons of banking. Indeed, the actions of the banks give lie to the chatter of cultural rehabilitation.
© 2023 Currency Media Limited
