Brian Hayes asks question in European Parliament

http://www.europarl.europa.eu/sides...WQ+P-2015-005870+0+DOC+XML+V0//EN&language=en

Subject: Standard variable mortgage rates
The average standard variable mortgage rate in Ireland is 4.2%, according to the Central Bank of Ireland’s most recent Retail Interest Rate Statistics. The average standard variable rate for the whole eurozone is 2.3%. This demonstrates that Irish banks are greatly overcharging consumers compared with other eurozone banks. Yet Irish banks are subject to the same ECB refinancing rate as other eurozone banks. The main ECB rate is currently 0.05%, which is clearly not being passed on to Irish mortgage holders. There are essentially six main players offering standard variable mortgages in Ireland and they all offer similarly high rates. This lack of competition needs to be addressed.

What action can the Commission take to ensure that Irish consumers are treated fairly in relation to variable mortgage rates?

How can it address the lack of competition between banks in Ireland, given that consumers are being charged excessive variable rates by all Irish banks?

Will it consider conducting an inquiry into standard variable mortgage rates across Europe?

Is this the same Brian Haynes who previously held the position of junior finance minister.

If so, before he moved to Europe he didn't want to know about the issue.

When ptsb rate was 6.1 %, I contacted him constantly and his reply was always the same.

He nor the government could do anything about the rates..

Gigantic.
You are right and these Politicians give cynicism a bad name!

On the plus side , since he raised it , there are voters and votes mad about this SVR rip off.
I am reminded of the old John Healy quote on politicians
{ there goes the mob , I am their leader , I must follow}

GiganticLamb said:

Is this the same Brian Haynes who previously held the position of junior finance minister.

If so, before he moved to Europe he didn't want to know about the issue.

When ptsb rate was 6.1 %, I contacted him constantly and his reply was always the same.

He nor the government could do anything about the rates..

Click to expand...

Ciaran Hancock made the same observation in yesterday's Irish Times.

Brian Hayes reluctantly moved to Europe at the behest of his FG masters. Unlike most MEP's, he's refusing to disappear from the local scene for the next 5 years....still appearing in the media as much as he can, infiltrating popular campaigns like this etc.
I get the feeling he doesn't see his future in Brussels and so unfortunately, we're going to have to continue to see/hear him until General Election 2021 when he'll no doubt run again back here

Delboy said:

Brian Hayes reluctantly moved to Europe at the behest of his FG masters. Unlike most MEP's, he's refusing to disappear from the local scene for the next 5 years....still appearing in the media as much as he can, infiltrating popular campaigns like this etc.
I get the feeling he doesn't see his future in Brussels and so unfortunately, we're going to have to continue to see/hear him until General Election 2021 when he'll no doubt run again back here

Click to expand...

Now now Delboy, !
God bless infiltrators, even if their motives are suspect.

In fairness to him he was talking about the SVR issue before it became popular to do so. His work on this got first got the issue into the Independent's headlines. When I contacted him about it he responded immediately and positively and I am not even in his constituency.

I hope he does come back eventually into Irish politics. I think he has shown foresight in getting involved so early in this campaign & being so active on it and going against the grain of his own party.