Where is the NAMA for Homeowners

Where is the NAMA for Homeowners? - Protest and Photocall at Bank of Ireland

Banks which have been bailed out by the state to the tune of €30 billion and counting continue to raise mortgage rates for homeowners and threaten those who cannot pay with eviction – while funding golf club memberships for their staff.

As part of its ongoing housing campaign, Cork Sinn Féin are to hold a protest outside Bank of Ireland on Patrick Street at 1pm Friday. The event will feature a photocall with members of Ógra Shinn Féin, the party’s youth wing, dressed up as bankers and being pelted with sponges by members of the public.

Sinn Féin Councillor Jonathan O’Brien stated: “As cutbacks to public services continue, this week saw yet more taxpayer’s money being poured into the black hole that is our banks. Anglo Irish – the property developers’ bank – has now cost €24 billion. Bank of Ireland and AIB have received €7 billion between them. Up to €50 billion more may be spent on NAMA.” “But where is the NAMA for vulnerable homeowners who are victims of the banks’ reckless lending? Instead of government assistance for those struggling to pay mortgages, we have rising interest rates which will push more mortgages into arrears. The past few weeks have seen both Bank of Ireland and AIB announcing increases in their mortgage rates. “It is not acceptable that banks which have received billions in taxpayers’ money should extract a further subsidy from ordinary householders through higher interest rates. Sinn Féin wants to see the banks taken into state ownership and a state bank created which would provide affordable loans for homeowners and businesses.

“We also believe that banks which have been bailed out should be obliged to write off a proportion of the difference between the purchase price and the current market value of a family home for those average income households who bought their properties since 2004. “And we want vacant properties taken over by NAMA to be passed on to local authorities to provide homes for some of the 100,000 people on the waiting list. It’s time to end the banks’ free ride – and lend a hand to ordinary homeowners.”

For further information contact Cllr Jonathan O’Brien @ 085-2133907