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O’ROURKE WELCOMES AN POST ENTRY INTO MORTGAGE MARKET

Fianna Fáil Deputy Spokesperson on Finance, Frank O’Rourke TD has welcomed An Post’s announcement that it intends to enter the Irish mortgage market in 2019.

Deputy O’Rourke has repeated calls for increased competition in the mortgage market as Irish mortgage holders are paying significantly more than other EU mortgage holders.

He commented, “For some time now, the Irish mortgage market has been badly in need of a major shake-up. The average standard variable rate for a mortgage in Ireland is currently around 3.2%. This is nearly 1.4% higher than the average Eurozone rate, which stands at 1.8%. This is what makes the statement from An Post so significant.”

“This means that a borrower with a mortgage of €200,000 is paying €250 per month more than they would be paying in the average Euro area country.” Continue reading “O’ROURKE WELCOMES AN POST ENTRY INTO MORTGAGE MARKET”

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Frank O’Rourke – Rate Cut by Ulster Bank a major breakthrough

Local Fianna Fail TD and Deputy Spokesperson on Finance, Frank O’Rourke, has described Ulster Bank’s decision to cut its 2 year fixed mortgage interest rate to a market best of 2.3% as a major breakthrough for consumers and a validation of the strategy pursued by Fianna Fail over the last number of years.

Frank said, “Ulster Bank have announced that they are lowering their 2 year fixed rate mortgage interest rate to 2.3%. Over the last two years, I have raised the importance of bringing fairness to the mortgage rates in Ireland and this move by the bank is a recognition that their rates to-date were not fair.” Continue reading “Frank O’Rourke – Rate Cut by Ulster Bank a major breakthrough”

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O’Rourke – Fianna Fáil bill will tackle fraudulent Insurance claims

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.”

Continue reading “O’Rourke – Fianna Fáil bill will tackle fraudulent Insurance claims”

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O’Rourke – Government has failed to tackle High Insurance costs

Insurance costs in Ireland remain stubbornly high as the Government last week published its most recent report from the Cost of Insurance Working Group. Deputy O’Rourke has called on the Government to give greater priority to reducing the cost of insurance.

“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.”
Continue reading “O’Rourke – Government has failed to tackle High Insurance costs”

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Frank O’Rourke – Collaborate with other EU members to reduce Car Insurance

Local Fianna Fail TD, Frank O’Rourke, has called on the Government to step up its efforts to tackle the high motor insurance premiums in Ireland, by working in collaboration with other EU countries on the issue.

“We are now more than a year after the publication of the Cost of Insurance Working Group Report and the progress to-date on the cost of motor insurance is to say the very least, very modest.”

“The Government recently followed my proposal and is now working with Belgium, the Netherlands, Luxembourg and Austria on reducing the cost of medicines. I proposed this approach last year to assist in reducing the cost of motor insurance and I am now calling on the Government again, to work with other EU countries to reduce the cost of insurance. Having a co-ordinated approach with other countries against the powerful insurance companies will, in my view, pay dividends.” Continue reading “Frank O’Rourke – Collaborate with other EU members to reduce Car Insurance”