David McWilliams: Ireland doesn’t need vulture funds
Bad loans should be sold to credit unions, not to pawnbrokers in Prada
No need for vulture funds: Ireland’s credit unions, with €14 billion on deposit, could easily take nonperforming mortgages from the likes of Permanent TSB. Photograph: Niall Carson/PA Wire
If you have seen the classic 1980s movie Repo Man, or have a passing understanding of the workings of the 1960s pawnbroker, you will know what a vulture fund does.