FF motion on PTSB next Tuesday and Wednesday

Brendan Burgess

Brendan Burgess

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Fianna Fáil has tabled a private member's motion for discussion in the Dáil next Tuesday and Wednesday evening between 7.30 pm and 9 pm with the vote on Wednesday at 9 pm.



[FONT=&quot]T[/FONT][FONT=&quot]h[/FONT][FONT=&quot]a[/FONT][FONT=&quot]t Dáil Éireann:[/FONT]

[FONT=&quot]n[/FONT][FONT=&quot]ot[/FONT][FONT=&quot]e[/FONT][FONT=&quot]s that:[/FONT]

[FONT=&quot]- the level of mortgage repayments, negative equity and mortgage arrears is imposing a significant burden on many thousands of Irish families;[/FONT]

[FONT=&quot]- the latest mortgage arrears statistics from the Central Bank show that the level of arrears is increasing at an accelerating rate;[/FONT]

[FONT=&quot]- the standard variable interest rate for residential mortgages charged by State-owned permanent tsb is substantially out of line with that charged by other mortgage providers in receipt of State support and is placing unacceptable financial pressure on the bank’s variable rate customers;[/FONT]

[FONT=&quot]- normal competitive forces which would allow customers with high mortgage costs to switch to an alternative provider are not currently present in the marketplace effectively trapping customers with high standard variable rate mortgages;[/FONT]

[FONT=&quot]- the Government put AIB under considerable public pressure to reduce its standard variable interest rate in line with the ECB rate reduction in November 2011 but is applying a ‘hands off’ approach in relation to permanent tsb[/FONT]

[FONT=&quot]- the lack of credit for SMEs is having a detrimental impact on economic activity, is impeding the country’s economic recovery and is costing jobs;[/FONT]

[FONT=&quot]- the Governor of the Central Bank has recently commented that credit conditions are tougher in Ireland for SMEs than in any other country in Europe both in terms of costs and availability[/FONT]

[FONT=&quot]- certain financial institutions are attaching unreasonable terms and conditions to offers of new lending to many businesses and are often making unilateral changes to the lending arrangements in place with businesses[/FONT]

[FONT=&quot]- the lending performance of the banks is currently being measured by the amount of new credit sanctioned rather than the amount actually drawn down and put into circulation in the economy[/FONT]

[FONT=&quot]a[/FONT][FONT=&quot]n[/FONT][FONT=&quot]d resolves:[/FONT]

[FONT=&quot]- to call on the Government, as the controlling shareholder in Irish Life and Permanent, to use all means possible to bring about a reduction in the standard variable interest rate being charged by permanent tsb on its residential customers in order to bring it into line with rates being charged by other mortgage lenders in the market and[/FONT]

[FONT=&quot]- to call on the Government to measure the new lending performance of the banks by the amount credit actually drawn down and circulated in the economy rather than by loan approvals or repackaging of existing loan facilities and[/FONT]

[FONT=&quot]- to call on the Government to set out its overall implementation strategy in respect of the Inter-Departmental Mortgage Arrears Working Group, known as the ‘Keane report, and to detail all other steps it plans to take to address the escalating mortgage arrears crisis.[/FONT]
 
A very sound motion. How is it that once a party goes into opposition it totally reverses many of it's policies held while in Government and starts to address some issues froma sensible perspective? What is it about being in Government that turns highly competent people into incompetents :confused:
 
44brendan said:
A very sound motion. How is it that once a party goes into opposition it totally reverses many of it's policies held while in Government and starts to address some issues froma sensible perspective? What is it about being in Government that turns highly competent people into incompetents :confused:
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Or is it that opposition can play fantasy politics while the Government of the day has to deal with reality.
 
It's very important for PTSB SVR borrowers to make their presence felt by attending this debate. The Minister for Finance will have to explain to the Dáil why he is charging 5.2% to PTSB customers and 3% to AIB customers.

He will have to explain why they called in the Chairman and Chief Executive of AIB and persuaded them to pass on the previous ECB rate cut, while PTSB were, at the time, 3% higher.

If he is speaking to an empty Dáil chamber, he will be under no pressure. If there is a full visitors' gallery, he will be more focussed on the matter in hand.

You can't just show up on the evening, you must be signed in by a TD or Senator.

If you are affected by this issue, you should contact your TD and ask him to sign you in for the debate and ask him to speak on the motion. If you can make it on only one of the nights, Wednesday night would be better as the vote will be taken then.

Alternatively you can contact Kevin Barrett at [email protected] or by phone at 01 - 6183794. Kevin is the Economic Policy Advisor to Michael McGrath TD.

 
Brendan I have written to my local FG deputy Patrick O'Donovan with details of this and have asked him to speak regarding the communication I have had with him to date.

I can't make it up to Dublin next week myself but I really do hope as many Dublin based forum members who are affected can make the effort to attend. We need to get Noonan to vocalise this to the masses. They have been hiding for too long.
 
Hi Brendan, I received that information from Michael Mc Grath also. I definitely intend attending the Dail on both nights and would encourage as many others as possible to do the same.
 
Myself and 3 others who are effected will be there,I have been in contact with Michael Mc Grath's office to attend on Tuesday

It is imperative that people that are effected attend to put pressure on the Government

Please make every effort
 
Fianna Fail looking to politicise the running of State-owned banks? And organising Dáil rent-a-crowds to this end? Its like the 1980s (not to mention the 1930s) all over again.

If only Michael McGrath and his chums had been in power during the past 20 years...
 
T McGibney said:
Fianna Fail looking to politicise the running of State-owned banks? And organising Dáil rent-a-crowds to this end? Its like the 1980s (not to mention the 1930s) all over again.

If only Michael McGrath and his chums had been in power during the past 20 years...
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To be honest I and many other struggling PTSB SVR customers couldn't care who was fighting our corner,once the main objective is reached in the end....
 
I have emailed Gerry Adams, Pearse Doherty, Padraig McClaughlin, Caoimhghín Ó Caoláin, Thomas Pingle, Joe Higgins, Charlie McConalogue, and Shane Ross about this.
 
mouse1 said:
I have emailed Gerry Adams, Pearse Doherty, Padraig McClaughlin, Caoimhghín Ó Caoláin, Thomas Pingle, Joe Higgins, Charlie McConalogue, and Shane Ross about this.
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You'll be giving Ming, Micko and Miss Daly a complex
 
Pearse Doherty

I got this reply from one of my local TD's Pearse Doherty, so fair play to him:
John a chara,

Sinn Fein will be supporting this motion as it deals with a matter we have been raising in the Dail for the last 12 months. We are very aware of the impact of the high interest rates being charged by banks including PTSB and KBC. The Government has continually resisted calls from opposition parties including Sinn Fein to intervene to assist struggling mortgage holders. We will continue to do everything in our power to raise this important matter until it is resolved.

Is mise,

Pearse Doherty TD
 
Deputy Tommy Broughan and Sean Kenny have also said that they will support this motion
 
Decided to go back & email every TD not just my local ones. Got a phone call from Micheal Healy Ray to say he will be supporting the motion. Unfortunately cant attend tommorow night.
 
It's good to see the level of coverage this subject is getting, but Brian Hayes comments about this being a matter for PTSB board, shareholders, profitability is a cop out and is simply not true, PTSB is owned by the government and the tax payer!
 
mouse1 said:
It's good to see the level of coverage this subject is getting, but Brian Hayes comments about this being a matter for PTSB board, shareholders, profitability is a cop out and is simply not true, PTSB is owned by the government and the tax payer!
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Where did Brian Hayes comment on this? Was it in the Dáil?
 
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