This is utter nonsense. Show me a bigger proportionate fine from another EU supervisor than the Central Bank's €647m tracker redress and compensation order.The lack of a strong consumer office that is not tied to Central Bank of Ireland
When you're ready we're all ears.There are a few reasons why Mortgage Interest Relief should be reintroduced.
I see 5, 7, 10 and even 20 year fixed rates on offer here so points #1 and #2 (which seem to be the same point?) are arguably moot.1. The absence of long term fixed rates in Ireland is a catastrophic failure of consumer protection that lies at the door of Department of Finance and the Central Bank of Ireland.
2. But for their absolute, abject and total neglect in not dragging banks into these products.
PPR CGT exemption is worth far more to most people than mortgage interest relief ever would be.I believe home ownership should be incentivised by the State to reduce future burden - as pensions and health insurance are.
I'm not convinced mortgage interest relief is the best way to do that though.
Worth far more yes, but does that really incentivise people to buy their own homes? Are they thinking that far down the line re: trade ups?PPR CGT exemption is worth far more to most people than mortgage interest relief ever would be.
There's a lot in that to digest!@odyssey06
The problem is where we are at today.
I see the current non-tracker variable rates will rise as Banks pay more deposit interest and the maturity of fixed rates taken out 1,2,3 years ago will roll to much higher rates. The UK is now calling their situation a crisis. I think had we a much stronger consumer protection regime issues like long term fixed rates with much lower rates could have become the norm. Potentially Credit Unions could fill this void. But there is a crisis coming if rates rise much higher that is for sure.
Had we tackled the fixed rates we could have seen the rates that Crerdit Agricole had - 1.95% for thirty years. Those were the rates that were available in parts of Europe whereas our 10 year rates were much higher.
A non-penalty for early break out from fixed rates. One Credit Union already offers a fix for life without penalty to exit.
Radically we should literally shred the current planning process and facilitate the entry to the market which would see a boom in building. The specifications for apartments needs to change - RCSI make out that the cost of an apartment higher than house. These changes would mean that young people would see light at the end of the tunnel and have confidence that they will be able to buy an affordable house. House prices might in fact fall to normal levels buts that a consequence of a well functioning market which we don't have. In the US housing starts rise and fall rapidly. Why is that?
Stream line the buying and selling process - all electronic. We could attract in European banks and this would force the existing incumbents to radically change their offerings.
I think the CGT exemption is too high.
The key is that house prices would normalise if there was easy entry to the market.
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