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O’ROURKE CRITICISES GOVERNMENT APPROACH TO RURAL BROADBAND

Frank O’Rourke TD has said that broadband must be delivered to rural parts of Kildare as soon as possible, as he criticised the Government’s lazy approach to the Broadband Roll-out Plan

There are many locations throughout North Kildare, even within a few kilometres of one of the world’s best known IT companies, where access to broadband is limited or even non-existent.

“High quality broadband is crucial for small businesses, and for many families and young people where there is an increasing opportunity to work from home or a requirement to access the internet for educational needs,” stated Deputy O’Rourke. Continue reading “O’ROURKE CRITICISES GOVERNMENT APPROACH TO RURAL BROADBAND”

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Frank O’Rourke TD has again pressed Irish Rail to increase the capacity on the Kilcock rail line, following a meeting earlier this week with Kilcock commuters

“Iarnrod Eireann recently gave me a commitment that it will review the level of service on the line. Having met with commuters in Kilcock, it is clear that extra services are needed at peak times.”

“In September, the capacity on the 08:01 service from Kilcock to Connolly has been increased to the pre summer level capacity. However, Irish Rail need to increase the fleet and improve the service at peak times, as passenger numbers grow.” Continue reading “”

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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”

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O’ROURKE URGES OPENING UP CAR INSURANCE MARKET TO EU

Frank O Rourke TD has called on the Government to consider opening up the EU Car Insurance market for Irish drivers, following the unprecedented increase in car insurance premium in recent years

‘The most recent figures on motor insurance, show premiums have raised by almost 40% in the last year, as the underlying rate of inflation stands at 0.5%. In fact the main cause of this 0.5% inflation relates to the rising cost of insurance overall.’

‘It is not unusual for young people in their early 20s to be asked to pay anything between €6,000 and €12,000 a year for their car insurance. This premium level is not an option for many young people, many of whom require cars for their educational, work or family purposes, as I have established at my clinics in recent weeks.’

‘I know from liaising with my colleague Deputy Michael McGrath, that the claims which are being paid out have reduced in recent years, from claims paid out of €1.5 billion in 2011 to claims paid out of €1.01 billion in 2014. Insurance companies have also returned to profitability. This should have led to reduced premium costs not increased premiums.’

‘I raised this matter in the Dáil recently and called on the Government to re-establish the Motor Insurance Advisory Board (MIAB). Given the track record of the MIAB in the past, it seems to me to be an imperative action for this Government, if we are going to make progress on reducing the motor insurance costs.’

‘I also believe that we should look at opening up the insurance market to the EU, whereby, we could purchase our insurance in Germany or France and that it would cover our driving in Ireland. This would have the effect of increasing competition in the market and should reduce premiums from their current high levels.’

‘Rising cost of insurance reduces net income available for people to spend on other life’s essentials and is key driver to increasing the cost of doing business in Ireland. As I said in my Dáil contribution, there is little point in the modest reduction in the USC in the last budget being transferred to enhance the profit of the Insurance companies.‘ concluded Deputy O’Rourke, who is committed to raising the issue in the Dáil again in the next session.

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O’ROURKE SAYS IRISH MORTGAGE RATES HIGHER THAN EU

Mortgage Rates in Ireland remain dramatically out of line with rates charged elsewhere in Europe, according to Fianna Fáil’s Deputy Finance Spokesperson, Frank O’Rourke

Frank stated, “Recent Retail Interest Rate statistics published by the Central Bank show that mortgages rates are falling in Ireland. However, they are not falling at the same pace that deposit rates are falling”

“These statistics published by the Central Bank recently show that despite modest reductions in mortgage rates, Irish mortgage holders are continuing to pay dramatically more than consumers elsewhere in Europe.”

“For example, in Ireland, 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. That is €250 a month, each and every month, which could be spent by families on other household necessities. There has yet to be a credible explanation for such a dramatic difference in the rates charges and it is depriving our economy of much needed money which could be spent more productively in our economy”

“In May 2016, a Fianna Fáil Bill designed to give the Central Bank powers to tackle excessive variable mortgage rates passed second stage in the Dáil. The progress of the Bill through the legislative process has been tortuous and painfully slow. Despite not opposing the Bill at second stage, it is abundantly clear the Government does not want the Bill to become law.”

“As I have said in the Dail on a number of occasions, we must focus on reducing the cost of living as well as reducing the burden of taxation. There is little point in reducing tax rates, if the banks are continuing to charge excessively high variable mortgage rates or insurance companies are continuing to increase their rates, taking back a multiple of any reduction in taxation.”

“However, key elements of our Bill on mortgage rates will proceed when the Dail returns next month which will be of help in relation to securing fairer mortgage rates in the Irish market,” concluded Deputy O’Rourke.