PbP bringing in a Bill to cap mortgage rates at 3%

Brendan Burgess

Interest rate hikes causing untold hardship on mortgage holders in cost of living crisis

Inflation crisis caused by profiteering

People Before Profit TD Paul Murphy is calling on the government to ensure that mortgage interest rate hikes are not passed on to mortgage holders. The current ECB rate hikes, including today's announcement, are causing extreme hardship on mortgage rate holders and adding to the burden of the cost of living crisis.

He called on the Irish government to also take action against profiteering in the energy and supermarket sector.

He pointed out that People Before Profit has drafted a bill that would force the banks to charge a maximum rate of 3%. The banks can afford to do this because of the vast profits they are making.

He said: “These hikes are causing additional financial stress for people on variable mortgages and people who are soon to come off their fixed rate mortgage plan. The latest rate increase should not go ahead.

“The Irish government needs to take affirmative action against the profiteering in sectors like energy and supermarkets- this is the real problem which is driving inflation.

“In the next Dáil term PBP will move a bill to cap mortgage rates at 3%. The banks are making enormous profits and should be made to absorb any increases above 3%.”

I thought it was good that @Brendan Burgess pointed out stuff that the likes of PbP could focus on instead of this "madcap" bill - e.g. vulture fund "prisoners" and punitive rates, preferential new business rates and other inducements such as cashback, encouraging more competition etc. But I doubt that they'll listen. For ideological reasons they want nationalisation across the board. And that's never going to happen so they're wasting their time.