Bailed-out Banks Refuse to Pass on Mortgage Cuts-Nugent

Bailed-out Banks Refuse to Pass on Mortgage Cuts-Nugent

Speaking in response to news that Allied Irish Banks and Bank of Ireland do not intend to pass on the recent ECB interest rate reduction to their customers, Sinn Féin councillor Mick Nugent said the government must pass legislation to stop bailed-out banks exploiting their customers.

Cllr Nugent said:

“The news that Allied Irish Bank and Bank of Ireland do not intend to reduce interest rates in line with last week’s ECB reduction is devastating for mortgage holders and small businesses across the country.”

“These banks have been bailed out with billions of Euros of taxpayers’ money, yet they still insist on pursuing a policy of price-gouging at the expense of those same taxpayers.”

“Across the country hundreds of families are falling into serious mortgage distress every week. When in opposition Fine Gael and Labour criticised the failure of Fianna Fáil to take action to deal with the mortgage crisis. Now in office they are pursuing the same hands off minimalist approach as their predecessors.”

“With more than 100,000 families in mortgage distress it is time for the government to act. They must introduce legislation as a matter of urgency to force the banks to pass on ECB interest rate reductions to struggling home owners. Failure to do so will cause serious financial hardship for thousands of homeowners.

“It is time for the government to match their tough talking with tough action.”

For further information or comment contact Cllr Mick Nugent @ 087-6755793