Sinn Féin’s Finance Spokesperson
Pearse Doherty TD has said today’s shocking statistics on mortgage arrears show
that the banks are “running rings” around the government.
Deputy Doherty said:
“This government has been in power
for over two years and under its watch the mortgage crisis has got worse in
every way. The numbers in arrears have increased, doubled in fact, and so have
repossessions.
“The fact that one in four
restructured mortgages is failing shows that the banks have failed to face the
reality of the crisis. This shows unwillingness from the banks to engage in a
meaningful way. Nearly three years ago the Keane Report
proposed split mortgages as a possible solution yet only 309 permanent examples
of these mortgages have been created. That is a pathetic response from the
banks.
“The last two years have seen the
banks’ wish-list being implemented step-by-step. Clearly, the banks are running
rings around the government.
“The Land and
Conveyancing Act's changes have allowed them move straight to repossession as an
option, while the revised Code of Conduct allows them adopt a more aggressive
approach to borrowers in distress, while the Personal Insolvency Act leaves
them with the final say.
“Today’s terrible figures confirm
that Sinn Féin’s call for an independent body to be empowered to compel banks
into making sustainable and realistic deals with struggling homeowners was the
right option. Even at this stage, this body needs
to be established and given the power to face down belligerent banks. Severe
penalties must be imposed on uncooperative banks.
“The Central
Bank needs to specify immediately when its targets for the
implementation of sustainable arrangements will come into force and what those
targets will be. As things stand they are unable to even
say if the banks have met their Quarter 2 targets of simply offering 20% of
struggling homeowners a deal.
“It is clearer each quarter as these
figures mount that the banks are running rings around the government on
mortgages and that Minister Noonan’s and the Central Bank’s cave-in to them is
not working for ordinary citizens.”
Sinn Féin Mountmellick - Serving The Community
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