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.”

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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”

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”

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%.

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O’ROURKE WANTS LEGAL AID FOR THOSE HIT BY TRACKER SCANDAL

Frank O’Rourke TD says the Government must do more to secure a better deal for mortgage holders from banks operating in Ireland and should provide legal aid to those that are currently in dispute with the banks in relation to the tracker mortgage scandal

“The latest examples of bank customers caught up in the tracker mortgage scandal, reports that profits in banks here are three times the EU norm and the interest rates that the banks charge their customers in Ireland are the highest in the EU, are all examples of the how the banks operating here are not giving their customers fair play.”

“As I said earlier this year, for example, the interest rate on all new mortgages, fixed and variable, stood at 3.3% in June compared to a Euro area rate of 1.83%. 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 WANTS LEGAL AID FOR THOSE HIT BY TRACKER SCANDAL”