Brendan Burgess
Founder
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Hi folks
This is a quick report. I am heading off for the weekend, so I might do a longer one next week. Any of the other attendees welcome to add to this.
Indo report here:
"Mortgage holders may picket Central Bank"
It also featured on the RTE 9 pm news.
Attendance: around 130
We had a good lively discussion. Plenty of discussion from the floor and some good interaction with the speakers on the panel.
The general view of the meeting
Support for legislation to give Central Bank the power to control interest rates.
Support for legislation to oblige lenders to make new products available to existing customers
Opposed to sale of AIB
Support for active protesting out side Dáil, banks and Central Banks.
People would vote for SVR candidates in general election, but hopefully the problem will be resolved before then.
Giving the Central Bank power to control interest rates
Apparently Michael Noonan has said that if the Central Bank says that they want the power to control interest rates, he will give them that power. Michael McGrath rightly pointed out that it's up to the Oireachtas to decide what powers the Central Bank should have. The Governor's opinion would be listened to, of course, but the Oireachtas would decide.
Opposition to suggested levy
Brian Hayes supports imposing a bank levy if the lenders don't cut the rates. No one from the floor thought that this was a good idea. It would take pressure off banks to cut rates and they would just pass it on to customers anyway.
Brian suggested that the levy would have to be fed back to the SVR mortgage holders through tax relief.
Widespread support for New Beginning's High Court challenge
Ross Maguire set out the options for challenging the legitimacy of the variable interest rates. There was widespread support for this. In fact, some at the meeting felt that the political system would never control the banks and that a legal challenge was the only option.
Setting up a new mortgage bank
There was a fair bit of discussion of this as well. It was pointed out that an online mortgage bank could be set up by the government fairly easily. Others pointed out that the government owns two banks already.
Brian Hayes suggested using the Housing Finance Agency to source funds cheaply and provide cheap mortgages.
It was also pointed out that the Credit Unions have massive surplus funds and they could put them to use in mortgage lending.
Maybe we should approach foreign banks and encourage them into the Irish market.
What next?
Draft legislation and seek cross party support for it
Organise other meetings - probably in Galway and Cork
Seek meetings with Chief Executives of banks
Explore possibility of mass switch of mortgages
Do up a petition for submission to Minister
Brian Hayes and Michael McGrath were very clear that SVR borrowers have to keep up the political pressure. This is a live political issue and if borrowers sit back, then the impetus for change will fade.
This is a quick report. I am heading off for the weekend, so I might do a longer one next week. Any of the other attendees welcome to add to this.
Indo report here:
"Mortgage holders may picket Central Bank"
It also featured on the RTE 9 pm news.
Attendance: around 130
We had a good lively discussion. Plenty of discussion from the floor and some good interaction with the speakers on the panel.
The general view of the meeting
Support for legislation to give Central Bank the power to control interest rates.
Support for legislation to oblige lenders to make new products available to existing customers
Opposed to sale of AIB
Support for active protesting out side Dáil, banks and Central Banks.
People would vote for SVR candidates in general election, but hopefully the problem will be resolved before then.
Giving the Central Bank power to control interest rates
Apparently Michael Noonan has said that if the Central Bank says that they want the power to control interest rates, he will give them that power. Michael McGrath rightly pointed out that it's up to the Oireachtas to decide what powers the Central Bank should have. The Governor's opinion would be listened to, of course, but the Oireachtas would decide.
Opposition to suggested levy
Brian Hayes supports imposing a bank levy if the lenders don't cut the rates. No one from the floor thought that this was a good idea. It would take pressure off banks to cut rates and they would just pass it on to customers anyway.
Brian suggested that the levy would have to be fed back to the SVR mortgage holders through tax relief.
Widespread support for New Beginning's High Court challenge
Ross Maguire set out the options for challenging the legitimacy of the variable interest rates. There was widespread support for this. In fact, some at the meeting felt that the political system would never control the banks and that a legal challenge was the only option.
Setting up a new mortgage bank
There was a fair bit of discussion of this as well. It was pointed out that an online mortgage bank could be set up by the government fairly easily. Others pointed out that the government owns two banks already.
Brian Hayes suggested using the Housing Finance Agency to source funds cheaply and provide cheap mortgages.
It was also pointed out that the Credit Unions have massive surplus funds and they could put them to use in mortgage lending.
Maybe we should approach foreign banks and encourage them into the Irish market.
What next?
Draft legislation and seek cross party support for it
Organise other meetings - probably in Galway and Cork
Seek meetings with Chief Executives of banks
Explore possibility of mass switch of mortgages
Do up a petition for submission to Minister
Brian Hayes and Michael McGrath were very clear that SVR borrowers have to keep up the political pressure. This is a live political issue and if borrowers sit back, then the impetus for change will fade.
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