FG/Lab block emergency debate on mortgage interest rate hikes – Ó Domhnaill

Fine Gael and Labour Senators today blocked attempts by Fianna Fáil to hold an emergency debate in the Seanad about the latest increase in mortgage interest rates at AIB.


Donegal Senator Brian Ó Domhnaill moved an amendment to the Order of Business in the Seanad today requesting that the Minister for Finance come before the Seanad today to discuss the escalating mortgage crisis and the decision by state-owned AIB to increase its variable interest rates by 0.5%.


Senator Ó Domhnaill said, “AIB is owned by the State and there is absolutely no reason why the Finance Minister cannot insist that this rate hike is reversed.  Mortgage holders on variable rates have been pushed around by banks for too long and the Government cannot continue to allow them be treated this way.


“AIB has 70,000 variable-rate customers who are now paying up to an extra €1,222 a year for a standard €200,000 mortgage. This is simply unacceptable. Yet the Government has just stood by and allowed this to happen.  Banks must be forced by Government to readjust their books, and not by attacking ordinary customers.


“The fact that FG& LAB Politicians would vote against Fianna Fáil’s call for an emergency discussion on this vitally important issue shows a total disregard for struggling mortgage holders,” said Senator Ó Domhnaill


Posted: Oct 9, 2012     |     Categories: Uncategorized