Concern over arrival of vulture fund in Castlebar

THE cathaoirleach of Castlebar Municipal District has expressed concern over the arrival of a vulture fund in the county town.

Councillor Michael Kilcoyne was reacting to a report in today's Sunday Business Post that a vulture fund has swooped on a local property company.

According to the report, the company's loans were transferred from Bank of Ireland to Nama in 2011 but were subsequently sold off to Promontoria Arrow, a subsidiary of Cerberus.

Promontoria Arrow has now appointed a receiver to a 13-acre development site owned by the company near the N5 Business Park in Castlebar as well as two local apartments and an apartment in Westport.

Councillor Kilcoyne described vulture funds as 'a type of foreign landlordism that Michael Davitt got rid off 100 years ago'.

“Now it's being brought back by an Irish government. There is no control over it,” he added.