Vulture Funds and Mortgage Prisoners: Central Bank Admits Vulnerability to Interest Rate Hikes

Investors alarmed over vulture fund treatment of mortgage holders in Ireland have received an admission from the country’s central bank that thousands of borrowers are highly vulnerable as interest rates soar. Often “mortgage prisoners”, the majority remain on variable rates, without the option of fixing, and rates have already reached up to 8%. While the bank has previously issued reports on the issue, it is now starting the next phase of its work, scrutinising more closely how its regulatory framework is delivering for consumers as rate increases begin to impact.