A protest was held today outside the offices of Maples Fiduciary on Molesworth Street. They are the parent company of Val Issuer DAC who are currently in the middle of evicting up to 50 families from one of their NAMA purchased holdings in Dublin. THe protest was held to highlight the issue, and to also highlight the clandestine nature of Vulture Funds in Ireland.
Most people are not aware of the meaning of ‘fiduciary’ services – as in Maples Fiduciary Services. It means holding money in trust for wealthy people who sit back and cash in their dividends each year.
Maples sets up companies like Val Issuer DAC for rich people who can hide behind a wall of anonymity. One of its directors is Sean O Sullivan who works with Maples.
The main interest of Val Issuer DAC often lies in owning property from which they can draw rent – or speculate on its price.
They care little about the lives of real people who are suffering in Dublin’s housing crisis. Otherwise why did they send scores of eviction notices to families living in Richmond Street and Rosedale Terrace.
The vulture funds do not have the decency to meet people face to face to tell the that profit are just so much more important than their little lives.
So they get another ‘estate management services’ company to do their dirty work. In this case, Belgrave Property Management company, one of whose directors is Ronan McCormack
It is high time that the people who carry out evictions for profit are named. The days of hiding behind a corporate screen are over!
But this is only start.
Over the last few years, a host of private equity firms have raided Ireland, buying up property on the cheap – while a subservient Fine Gael led government gave them a host of tax reliefs. They made huge profits – and yet paid less in tax than an ordinary PAYE worker.
We need to change this – and that means getting political. We need many more mobilisations of ‘people power’. We need more left-wing TDs in the Dail who expose what is happening. We need a radical change of policy so that:
- There is a ban on evictions during the current housing emergency.
- There is a massive solidarity tax imposed on the vultures to help fund a social housing programme.
- The landbanks which the vultures bought up should be taken into public ownership.
- We need proper rent controls and security of tenure for tenants.