What government ministers have said about mortgage rates

This is a sample of what the ministers have said. If you have any other good examples, please post a reply with the actual link.
http://www.askaboutmoney.com/showthread.php?t=163841
The context
The ECB rate has fallen by 3% since June 2007.
AIB has passed on 2.2%
But PTSB has passed on only 0.25%

Both AIB and PTSB are owned by the taxpapyer.




... it was reported today Mr Elderfield met the heads of the banks in a series of meetings this week and asked them to stop increasing interest rates on variable interest rate mortgages, which account for about one in four mortgages.

“The increases in SVRs implemented by some banks may thus be going beyond the traditional passing-through of the cost of funds, instead seeking to make-up for what has proved to be an inadequate spread on trackers,” he said.

“The Central Bank does not have the power to set standard variable rates or other interest rates – nor does the government (although as shareholder in many of the domestic banks it does have the opportunity to influence management actions.)


“However, it may be that these actions are, on balance, self-defeating if they push more customers into arrears, adding to the mortgage arrears problem and ultimately costing more in terms of capital.” -Matthew Elderfield, Deputy Governor of the Central Bank

Speech in Cork 14 October 2011 as reported by the [broken link removed]

The comments by government ministers


Minister for Finance ( Mr Noonan) : Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank.
Reply to Dáil question 8 December 2011

The refusal of banks to pass on interest rate cuts was "a serious issue". Minister for Finance, Michael Noonan

Mr Noonan said the ECB had lowered interest rates in order to avoid recession, and it was difficult to see why Irish banks should not follow suit.
RTE News 9 November



AIB, BoI refusal to cut rates "pathetic"
- Brian Hayes Minister of StateRTE News interview 9 November

Government will tell banks to pass on rate cut, says Tánaiste, Eamon Gilmore
[broken link removed] Friday 9 December

A matter of particular concern is ...that it could well be the case that banks have decided to effectively allow those on variable rates to subsidise the loss-making tracker rates. Our position is clear and those changes should be passed on for the purposes of helping the domestic economy as they do in other eurozone countries.
Brian Hayes Minister of State Department of Finance
Senate Debate 15 November

In his speech in Cork, Mr. Elderfield set out in clear terms the vigorous approach the Central Bank will now be taking in forcing lending institutions to act more decisively and more fairly. He was especially severe in his criticism of the sharp practice of banks which are raising interest charges on standard variable mortgages in an attempt to compensate for their losses on tracker mortgages.
...
The Government’s position is clear and we have three priorities: we want to keep people in their homes where that is the clear wish of the mortgage holder; we want to reduce the burden on home owners facing mortgage servicing difficulties; and we want to redress the power balance between lending agencies and mortgage holders.

Brian Hayes Minister of State Department of Finance
Dáil Debate on Keane Report 20 October 2011


Taoiseach Enda Kenny has said he is prepared to consider introducing legislation to compel banks to pass on interest rate cuts to consumers.
[broken link removed]Monday 7 November

In his speech in Cork, Mr. Elderfield set out in clear terms the vigorous approach the Central Bank will now be taking in forcing lending institutions to act more decisively and more fairly. He was especially severe in his criticism of the sharp practice of banks which are raising interest charges on standard variable mortgages in an attempt to compensate for their losses on tracker mortgages.

Click to expand...

Deputy Brian Hayes at the Department of Public Expenditure and Reform about the Report by the Interdepartmental Working Group on Mortgage Arrears Thurs 20th Oct 2011 http://debates.oireachtas.ie/dail/2011/10/20/00006.asp

Folks

This thread has a very specific purpose

To hold government ministers accountable for what they have said about the PTSB and interest rates generally.

I am hoping to use it to quote back at Ministers when they wash their hands of any responsibility for PTSB charging so much.

I have moved the off topic stuff to a new thread.

I have just found this thread from over three years ago.

It will be interesting in the context of the Dail Debate tonight.

More from what Eamonn Gilmore said in the Dáil



Mr Gilmore said the Government would if necessary call in the banks if they failed to pass on the cut announced yesterday by the Central Bank’s governing council.


He insisted the Government would act “decisively, forcefully and effectively” in the interests of mortgage holders in distress.

...
But Mr Gilmore said this was the first government to bring in the banks and address “the issue of passing on the interest rate reductions”.


These were the same banks Sinn Féin was “happy to guarantee three years ago”, he added.


He insisted: “This Government will act decisively, forcefully and effectively with the banks and anybody else in the interests of those who hold mortgages and are having difficulty repaying them.”

And a report from the Sunday Business Post. I had forgotten that the Cabinet had met the banks