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.”
“It appears that those that are affected by the mortgage scandal may have to go to the courts to secure fair play. If they do, then the Government should provide legal aid to them to ensure that legal fees are not an obstacle to securing what they are entitled to” stated Deputy O’Rourke after speaking on the issue in the Dail.
“I welcome the initiative from MEP Brian Hayes to ask the EU to investigate Irish banks over the tracker scandal, having made a complaint to the European Commission’s Directorate-General for Competition.”
“We have been campaigning for mortgage holders, and particularly those in mortgage arrears, for some time now. Since being elected last year, I have worked with our Finance Spokesperson, Michael McGrath TD, to keep a focus on their concerns. All of the instruments available to the Government and the Central Bank must now be used to address the latest bank scandals,” concluded Deputy O’Rourke who spoke on the issue in Dail Eireann this week.