Speaking during a Leaders Questions debate in the Dáil today on the latest ECB interest rate cut Sinn Féin Finance spokesperson Pearse Doherty called on the government to ‘take steps to ensure that this reduction is passed onto Mortgage holders.’
Deputy Doherty said:
‘Today the European Central Bank’s cut interest rates by 0.25%.
‘This should be welcome news to the more than 100,000 families in mortgage distress across the state and the many thousands more at risk of falling into arrears.
‘However this will depend on whether the Government will take the necessary action to force the banks to respond positively to today’s ECB announcement.
‘Last month, despite all the bluster from Government, Bank of Ireland and Ulster Bank refused to to pass on the last reduction to hard pressed mortgage holders.
‘The Government promised to take action but when it came to the crunch they hid behind the advice of the Financial Regulator.
‘Today some banks have announced their intention to pass on the rate cut. However Bank of Ireland has said it will only pass on a portion of the cut and Allied Irish Bank has said it would not pass on the cut at all.
‘It is time for the Government to intervene and introduce the necessary legislation to force the hand of those banks who behave in such a reckless fashion. Considering the amount of tax payers’ money that has been given to the banks it is about time they were forced to give something back to struggling mortgage holders.’
God this annoys me soooo much - they are completely missing the point!
I thought Pearse Doherty was pretty much on the button there actually.
These figures have been sent to the minister and several other TDs
I disagree with you that I have missed the point on the mortgage interest rate issue. For me there are two issues. This first is the significant difference between the variable rates which need to be standardised, with the likes of PTSB lowering theirs. The second is ensuring that all mortgage providers pass on the ECB rates. I have raised both issues in the Dail and in the public arena and will continue to do so. Unfortunately the Government is refusing to introduce the legislation to give the power to the regulator to intervene on both of these issues (partly because the Regulator is saying that he does not want the powers). However I and my party colleagues will continue to raise both issues at every opportunity in our attempt to force the Government's hand on this issue.
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