gnf_ireland
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4. The Bill will only apply to Banks which were operating in the Irish market on or before 1 January 2015. No new entrants to the market will be affected. This measure is designed to ensure that this Bill is not seen as being an obstacle to new entrants.
That is a very clever bit. If it's constitutional, it would counter the main objection to control of interest rates.
Andy 836.
We have already had {direct political retrospective interference} it was called a bail-out !
I think we all grudgingly accept the need to save our Banks , but didn,t sign up to bailing them out to be gouged by them !
Tell that to the 300,000 who are paying extra each month !Hi Gerry,
I would hardly call it gouging. They're paying a 2% higher interest than their European counterparts, but are also getting the benefit that if they don't pay they don't loss their home (unlike their European counterparts).
I accept your point, and Brendans, but without fixing the underlying problems (removing the tracker books off balance sheet & allowing swift repossessions), any solution will be a short term fudge designed purely to win votes.
I think we all accept that there is an issue with the ability to reposess homes in the event of non-payment - resulting in irish mortgage debt effectively being unsecured debt. However asking a subset of the market to pay for this for the entire market is unfair.They're paying a 2% higher interest than their European counterparts, but are also getting the benefit that if they don't pay they don't loss their home (unlike their European counterparts).
I agree with you entirely. I've received emails from government tds who agree but I've also received an email from my local fine gael td who would differ saying the banks are paying a higher rate to buy money than EU counterparts. He won't be getting my vote. I anxiously await a statement from Mr Noonan after his meetings with the banks.Tell that to the 300,000 who are paying extra each month !
Banks like any business should not expect their good customers to carry the mistakes the Banks made, I think it is called Capitalism.
AND WHEREAS the continued charging by banks in Ireland of excessive levels of mortgage interest rates is causing undue hardship, is hampering consumer confidence, and is severely restricting consumer spending;
smithers.
People are not (stuck) on fixed interest rates . They took a balanced decision that fixing was the best option when they fixed.
It is tough that they are now paying a bit more , but its a tough world.
On SVR,s; customers clearly understood SVR,s would follow rates up or down.
ie . SVR is completely different to fixed.
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