My cynicism is bothering me, big time. If Michael Noonan can bring influence to bear on this issue it will be for political gain. ...later this year we will hear ........we lifted 300,000 SVR from penal interest rates. As I said in another post it is an average of 2000 constituents per TD ... Having said , I would welcome his growly powers of persuasion.
FF Private Member Motion on high mortgage rates
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Brendan Burgess
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Hi 110
So what if they claim that? The important thing is that the 300,000 stop getting fleeced.
Brendan
So what if they claim that? The important thing is that the 300,000 stop getting fleeced.
Brendan
Brendan Burgess
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I see that Michael McGrath is wishing the Minister well
http://www.rte.ie/news/2015/0401/691498-mortgages/
Before the vote was called, Mr McGrath said the Central Bank had a strong role in terms of consumer protection and he asked the minister to point that out.
He wished Minister Noonan well in his meeting and said the measure of the outcome would be a cut in variable rate for 300,000 mortgage holders.
http://www.rte.ie/news/2015/0401/691498-mortgages/
Before the vote was called, Mr McGrath said the Central Bank had a strong role in terms of consumer protection and he asked the minister to point that out.
He wished Minister Noonan well in his meeting and said the measure of the outcome would be a cut in variable rate for 300,000 mortgage holders.
Absolutely ...agree ...despite my cynicism. Thank you for your persistence on this. But I won't exhort you to "put your name fwd" in the next election ! More influential out here ! !
Brendan Burgess
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That's a relief. I attended the Dáil debate on Tuesday night and 90 minutes once every year or two would be as much as I could take. After Simon Harris gave his response to the motion on behalf of the government, he left the chamber to be replaced by Jimmy Deenihan. He was the only government representative in the chamber and he didn't even listen to the debate. He spent the whole time doing something on his phone. He didn't even look up. Pearse Doherty made a very strong speech and I have no idea how he kept up his motivation and volume to an audience of one who seemed to be playing Angry Birds.
Last night, I watched a bit of it online, and it seemed that Michael Noonan was the only representative on the government side. No TD from either Fine Gael or Labour. They may have been there earlier before I started watching.
I have brought this issue to the attention of a number of TDs and I have been astonished that only Michael McGrath and Brian Hayes MEP took up the issue. They have both, deservedly, got great coverage for their efforts.
I sent all the TDs and Senators on the Oireachtas Finance Committee a briefing on the issue and to be fair they did ask questions based on the briefing when they met the banks, but they took it no further, apart from Michael McGrath. Liam Twoomey was on Prime Time on Tuesday night. As Chairman of the Finance Committee he could be getting great mileage out of this, but came across very badly.
They probably didn't see any great public clamour, so they saw no merit in getting involved.
Brendan
To be honest I'm not sure the number of government side TDs who are in the chamber for something like a Private Members Motion or the likes of a Topical Issues Debate really signifies all that much. I think it's par for the course that the responding Minister turns up and not all that many more. It's the fact it is raised, it's in the Dáil, the Government has to respond to it and it gets media coverage. Hopefully in the background there is some pressure coming on. The media coverage has been good this week I think. Hopefully we'll some outcome from it at some stage!
As I understand it, the SVR issue is now the subject of a reserved judgement by the court of appeal ( Millar case) . Its seemingly parked also with new competition authority ( Brian Hayes wrote to them - no response available as yet). Michael No on an is off to Central Bank to see what he can do. The next step is for mortgage holders to organise and make a unified response to the banks in question. The European Central Bank reduced rates to allievate pressure on economies, businesses and personal borrowing. The withholding of these cuts and application of rates as we've seen amounts to extortion ( this word used by media and political commentators) . The question of not just rates cuts but also compensation now needs to be brought into focus .....as well as investigation as to who sanctioned these penal rates on consumers protected by EU law.
Hi all
I am astonished at the positioning of what can be done and cant be done by our politicians and central bank in relation to this SVR over charging, yet it was fine to get the central bank to look at the lending limits and bring these to bear on the banks and the market place. Does Minister Noonan really believe that any potential purchaser of our banks will not see through the flaky profit figures that are derived from fleecing customers and the only way for these figures to be decreased is for a new entrant to enter the market place, so the risk to any purchaser of our banks is the very same, if a new entrant comes to the market place the profits will suffer. This will be built into any purchase price of our banks. A longer sustainable model may in fact get and achieve a better price for the very same lenders who feel it is ok to 'fleece' its customers at present. I cannot understand how little forced action is being brought to bear on the lenders. I wish to pose this question, what if the ECB rate was at 3% would it still be appropriate for our lenders to charge SVR rates of over 7%, because that is what will occur if something is not done now. If nothing is done by Minister Noonan or Governor Honohan then I will now predict the next recession for this country to an accuracy of 3 months and that is when the ECB rate turns to commence rising. Then what will happen with the very same issues arising again. So Minister Noonan help people now to prevent another recession while rates are low because this is simply luck at present (ECB Rates) which is no foundation for a sustainable economic outlook. Just my thoughts Padraic
I am astonished at the positioning of what can be done and cant be done by our politicians and central bank in relation to this SVR over charging, yet it was fine to get the central bank to look at the lending limits and bring these to bear on the banks and the market place. Does Minister Noonan really believe that any potential purchaser of our banks will not see through the flaky profit figures that are derived from fleecing customers and the only way for these figures to be decreased is for a new entrant to enter the market place, so the risk to any purchaser of our banks is the very same, if a new entrant comes to the market place the profits will suffer. This will be built into any purchase price of our banks. A longer sustainable model may in fact get and achieve a better price for the very same lenders who feel it is ok to 'fleece' its customers at present. I cannot understand how little forced action is being brought to bear on the lenders. I wish to pose this question, what if the ECB rate was at 3% would it still be appropriate for our lenders to charge SVR rates of over 7%, because that is what will occur if something is not done now. If nothing is done by Minister Noonan or Governor Honohan then I will now predict the next recession for this country to an accuracy of 3 months and that is when the ECB rate turns to commence rising. Then what will happen with the very same issues arising again. So Minister Noonan help people now to prevent another recession while rates are low because this is simply luck at present (ECB Rates) which is no foundation for a sustainable economic outlook. Just my thoughts Padraic