politcal news from Cork, Ireland
Fianna Fáil Finance Spokesperson Michael McGrath has welcomed the fact that AIB has finally written to former directors of the bank asking them to voluntarily forego some of their extraordinarily generous pensions and has called on the other State supported banks to do likewise.
FIANNA Fáil Spokesperson on Finance, Michael McGrath TD, says the latest comments from a German spokesperson that Germany will continue to “co-operate closely” with the Irish Government to ensure a successful outcome to the Irish Programme of Assistance do nothing to clarify the situation arising from Chancellor Merkel’s comments yesterday.
THE statement this afternoon by German Chancellor Angela Merkel that there could be no back-dated recapitalisation of eurozone banks is, on the face of it, a massive setback to achieving a deal on Irish bank debt and requires an immediate response from the Irish Government, according to Fianna Fáil Finance Spokesperson Michael McGrath.
“As interest rates continue to rise on mortgages and loans, the Government has left thousands of borrowers in Cork to the mercy of banks despite promises to help,” said Cork South Central Fianna Fáil TD Michael McGrath.
Serious sanctions must be imposed on banks and banking executives found to be responsible for the mis-selling of payment protection insurance policies to thousands of customers over the past five years, according to Fianna Fáil Finance Spokesperson Michael McGrath.
THE decision of Bank of Ireland and ICS Building Society to increase all variable mortgage rates by 0.5% is further evidence that the banks regard variable rate customers as an easy target to make up for losses incurred elsewhere, according to Fianna Fáil Finance Spokesperson Michael McGrath.
FINE Gael Cork South Central Deputy, Jerry Buttimer, today (Thursday) said the provision of free, independent financial advice for those who are in mortgage distress is a welcome development which will help homeowners in arrears to find a resolution to their financial situation.
FIANNA Fáil Finance Spokesperson Michael McGrath has said the government and the banks appear to be paralysed by the scale of the mortgage crisis and are failing to address it in a meaningful way.
The Central Bank confirmed today that 83,251 or 10.9% of all private residential mortgages are now in arrears of more than 90 days. A further 40,221 mortgages have been restructured but are not in arrears. [Read more...]
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