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European Single Market needed for Mortgages – O’Rourke

Frank O’Rourke TD has called on the Government to press for the formation of a European Single Market for mortgages, as Ireland’s mortgage rates continue to be significantly higher than the average EU mortgage rate.

“The average standard variable rate for a mortgage in Ireland is currently 3.26%. This is nearly 1.5% higher than the average Eurozone rate which stands at 1.83%.  In my view the Government have let down Irish customers as recent reports indicate that Irish first-time buyers will pay up to €61,641 more in interest costs over the lifetime of their mortgages than anywhere else in Europe.”

“For example, an Irish borrower with a mortgage of €200,000 is paying around €250 per month more than they would be paying in the average Euro area country,” stated Deputy O’Rourke. Continue reading “European Single Market needed for Mortgages – O’Rourke”

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Elevated Car Insurance rates can not become the norm – O’Rourke

Frank O’Rourke TD has called on the Government to provide a renewed focus on reducing the cost of motor insurance further, as the average premiums are still €300 higher now than they were in 2014.

“I appreciate that recent CSO figures show that the cost of car insurance fell by approximately 12% over the last year, but the average annual cost of insurance now stands at €750 compared with €450 in 2014.”

“My concern is that this elevated motor insurance cost will become the norm. Since being elected, I have persistently raised the unacceptable rise in the cost of motor insurance.  Last month, I pressed the Government to partner with other EU countries to fight the rising costs, and we received a deafening silence.” Continue reading “Elevated Car Insurance rates can not become the norm – O’Rourke”

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Don’t Offload Loads To Vulture Funds – Frank O’Rourke

Frank O’Rourke TD says that the proposed sale of a vast swathe of loans by Irish banks to unregulated and unaccountable vulture funds should not proceed.

Deputy O’Rourke said, “It is evident that banks have shown very little willingness to work through their non-performing loan book. Instead of selling their loan book and outsourcing their dirty work to vulture funds, the banks should be providing sustainable and reasonable solutions for customers willing to cooperate with them.”

“It is clear now that vulture funds are lining up to buy portfolios of loans from the main banks in Ireland. It is expected that these portfolios will involve SME loans and buy-to-let investment properties. However, the Government has allowed these funds to go completely unregulated in Ireland.” Continue reading “Don’t Offload Loads To Vulture Funds – Frank O’Rourke”

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O’ROURKE WELCOMES PROGRESS ON TRACKER MORTGAGES

New information released by the Central Bank shows that the overall customers affected by the tracker mortgage scandal is now 33,700 an increase of 13,600 on what was previously reported

“The real story behind the latest figures is that the Central Bank had to flex its muscles to force the lenders to reveal the latest figures. I welcome the stronger approach being adopted by the Central Bank and together with Michael McGrath, our Finance Spokesperson, I had called for the Central Bank to be more aggressive in its approach with the banks. This approach is paying dividends,” stated Deputy O’Rourke.

“We must ensure that priority is given to ensure that all customers affected get the justice they deserve.” Continue reading “O’ROURKE WELCOMES PROGRESS ON TRACKER MORTGAGES”

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O’ROURKE URGES ACTION ON MORTGAGE RATES

Frank O’Rourke TD has stated that fespite numerous Government pledges to tackle the issue of high variable mortgage rates, variable rates here are still nearly double the Euro area average

According to the recent Central Bank figures, the average interest rate on new mortgages in September of this year stood at 3.31%; this is nearly double the equivalent rate across the Euro area, which stood at 1.86%.

Continue reading “O’ROURKE URGES ACTION ON MORTGAGE RATES”