State could face compensation bill from banks if Sinn Féin mortgage bill passed

Sinn Féin finance spokesman Pearse Doherty

The state is facing a potential compensation bill from banks that could run into billions of euro, if a Sinn Féin bill that requires borrowers to approve the sale of their mortgages to vulture funds is passed.

Legal advice prepared by the attorney general for the Department of Finance said that the so-called No Consent No Sale Bill would amount to overriding existing contractual rights.

The implications of it, were it to become ...