Posted on

O’ROURKE URGES GOVERNMENT TO ACT ON MORTGAGE RATES

Frank O’Rourke TD has again called for Government action on unacceptably high mortgage rates

Frank said “Irish Mortgage rates are noticeably higher than the average European rates and I’m calling on the Government to enlist the support of the EU. Irish banks are charging their customers double the EU mortgage rates. At a time when interest rates across the EU are falling, Irish Banks have increased the cost of taking out a mortgage.”

                                Frank O’Rourke TD

“My understanding from the Central Bank is that Irish mortgage rates are the second most expensive in the EU. The average interest rate on a new mortgage is around 3.pc compared with the average rate for the euro area of 1.7pc. To put this in real money terms, the average first-time buyer is paying an extra €154 a month for their mortgage, based on a loan of €225,000 paid back over 30 years. Parents and working families are in much need of this extra income to cater for their day to day expenses. In addition, as Brexit brings uncertainties, having this extra €154 per months available for the local economy will bring benefits to local businesses. “

“With our spokesperson on Finance, Michael McGrath TD, I continue to put pressure on the Government to deal with this inequality. I have repeatedly called on the Government to address the rising cost of living issues; such as Mortgage Rates and Insurance rates and they must get support from the EU to deal with this imbalance.”

“We also have a situation, where as the Taoiseach says our mortgage lending rules are ‘very tough’ when he cited situations where couples are trying to save for a deposit to buy a house but have to pay as much €2,000 in rent. We need to provide support to assist young couple buy their home.“

Posted on

O’ROURKE CRITICISES DELAY IN TENANT PURCHASE SCHEME REPORT

Frank O’Rourke has called on Housing Minister Eoghan Murphy to swiftly publish a report on the future of the tenant purchase scheme.

His calls come as correspondence received by Fianna Fáil shows further delays in publishing the report which was due to be completed in 2017. The 2016 Tenant Purchase scheme enables local authority housing tenants to buy their own homes at a discounted price subject to significant conditions. A report on how the scheme was functioning was due to be completed 12 months following its establishment.

Frank commented, “Over two years on since the report was due to be published and we are still waiting on it, this is despite repeated calls from Fianna Fáil for the Minister to prioritise its publication.This new correspondence proves that instead of publishing the report and allowing the Dáil to debate its recommendations and set out a path forward for the scheme the Minister has put it on the long finger. “

“Why is the Minister keeping the report hidden? Instead of being open about it he is delaying it for political reasons and clearly intends to swamp it as part of a new social housing announcement over the coming months – yet another example of cynical spin by the Government. Its past time for the Minister to show a bit of honesty and publish the report. Tenants have been waiting far too long and the Dáil needs to debate it as soon as a matter of priority,”

Posted on

O’ROURKE CRITICISES LACK OF ACTION ON INSURANCE COSTS

Frank O’Rourke TD has again highlighted Government lack of action in relation to reducing the cost of insurance as there is no sign of the National Claims Information Database being set up

Frank commented, “Insurance continues to be a critical issue for businesses and consumers. I know from my weekly clinics the negative effect of the high cost of insurance. It is putting excessive cost pressure on small businesses and putting a unfair burden on motorists.”

“The National Claims Information Database was supposed to be set up to provide transparency about the level of claims in Ireland. This was an important policy commitment to attract new entrants into the Insurance market in Ireland, and would not just bring down premiums but would also help tackle insurance fraud.”

“This National database was to be up and running last year. The Government seems to have washed its hands of setting up this database. As stated by our Finance Spokesperson, Michael McGrath TD, this database should be managed and controlled by the State, not by the insurance industry, and avoid competition law issues.”

“I will continue to press the Government to implement the recommendations from the Cost of Insurance Working Group. We need greater focus on reducing insurance costs as the average annual cost of motor insurance now stands at €750 compared with €450 in 2014, an increase of nearly 70%.”

Posted on

O’ROURKE – FF BILL CRACKS DOWN ON INSURANCE FRAUD

Frank O’Rourke TD says a new Bill being brought forward by his party should lead to reduced insurance costs, as it will clamp down on fraudulent insurance claims

Fraudulent insurance claims have been a contributory factor in the rising insurance costs, which people in Kildare and across the country have been hit with in recent years

“The average premiums today are still €300 higher now than they were in 2014. Constituents regularly raise the high cost of motor and business insurances with me at my weekly clinics”  stated Deputy O’Rourke.

“Our Bill, the Civil Liability and Courts (Amendment) Bill 2018, is the latest measure from our party aimed at tackling spiralling insurance costs. I have raised the high cost of insurance with the Government on many occasions and have offered a number of proposals which the Government should have pursued. The Government has not given focus to this issue and it is affecting the cost of living for many people.”

“The majority of insurance claimants are genuine. However, there is an underlying issue with fraudulent claims, which is driving up the cost of insurance for motorists, businesses, community groups and individuals. We need to address this issue and our Bill is designed to make would-be false claimants think twice about making a claim. If passed, the Bill will direct a court to refer the matter to the Director of Public Prosecutions where a case is deemed to be a fraudulent action.”

“This proposal was captured in the report published by the Cost of Insurance Working Group earlier this year. Reducing insurance costs has been a key priority for me and our party, and we must make better progress in reducing the cost of insurance and bring rates more in line with EU norms rates,” concluded Deputy O’Rourke.

Posted on

O’ROURKE – GOVT NEEDS TO TACKLE INSURANCE COSTS

Deputy Frank O’Rourke has called on the Government to give greater priority to reducing the cost of insurance

Insurance costs in Ireland remain stubbornly high as the Government last week published its most recent report from the Cost of Insurance Working Group.

“My concern is that the elevated motor insurance costs that we now have, will become the norm. Since being elected, I have persistently raised the unacceptable rise in the cost of motor insurance.  I pressed the Government to partner with other EU countries to fight the rising costs, and to-date we have received a deafening silence.”

“The National Claims Information Database is one of the key recommendation of the working groups report.  The legislation to establish the database was supposed to be enacted by the end of 2017. Now it seems it will not be even introduced until the second half of 2018 and that time-frame is far from certain.”

“A mechanism to set up an anti-fraud unit within An Garda Síochána was to be approved by the third quarter of 2017.  This has yet to be achieved and no solid timeline has been put in place for the approval of such a mechanism, much less the establishment of a unit.”

“Motor insurance costs have been a major issue for drivers in Ireland over the past number of years and Fianna Fáil has been to the fore in pressing the government to take action. The lack of action in relation to the recommendations of the working group is unacceptable.”

“The message must go out to all, that we are determined to get fairer motor insurance premiums for Irish motorists. Many Kildare motorists continue to make contact with me in relation to their rising costs, and I am determined to keep a focus on this important issue for them.”

“High motor insurance premiums have not gone away. The government has shown no sign that it is on top of this issue, as many continue to face unsustainable high insurance premiums.  This is a direct threat to our competitiveness, and increases the cost of living, and must be addressed,” concluded Deputy O’Rourke.