FG/Lab block Seanad mortgage debate – Ó Domhnaill

Senator Brian Ó Domhnaill has reacted with frustration to Fine Gael and Labour’s blocking of an emergency Seanad debate on mortgage increases, on the same day that the European Central Bank (ECB) announces an interest rate hike of 0.25%.

Senator Ó Domhnaill moved an amendment to the Order of Business in the Seanad today, calling for the emergency debate with the Minister for Finance. However it was voted down by the Fine Gael and Labour Senators.

Senator Ó Domhnaill said: “Today’s interest rate rise is likely to be passed on to all 400,000 homeowners who have tracker mortgages. It will add approximately €15 to the monthly repayments on every €100,000 borrowed. On top of this, mortgage holders with AIB and Bank of Ireland are expected to face additional rate increases from both institutions.

“Fianna Fáil sought an emergency debate on this issue today to discuss the ECB rate increase but also to question the right of AIB and Bank of Ireland to increase their rates, while at the same time receiving support from the State. 

“I believe the public interest Directors on the respective Boards of both institutions must be directed by the Government to vigorously challenge any proposal by both institutions to introduce additional rate increases.

“Irish mortgage holders, who are already under immense financial pressure, simply cannot take any further rate increases. It is disgraceful for Government Senators to block the opportunity of having an emergency debate which could help mount pressure on both Banks to terminate any additional rate increase plans.”

ENDS

Posted: Jul 7, 2011     |     Categories: Uncategorized