Donegal TDs, Pádraig Mac Lochlainn and Pearse Doherty, have written to the Minister for Finance and the Minister for Housing urging them to meet with the banks regarding the MICA redress scheme.
The Sinn Fein TDs say banks must meet their obligations in assisting affected property owners who are availing of the MICA Redress Scheme in Donegal.
The Donegal Sinn Féin deputies have said that there has been a shocking lack of cooperation from the banks to-date.
Speaking today, Deputy Mac Lochlainn said “While the scheme is welcome, we have been contacted by a number of affected homeowners who are not satisfied with the cooperation and contribution by the banks and financial institutions.
“In short, these homeowners are finding it difficult to secure the funding required to make up the 10% contribution required to avail of the redress scheme, as well as the substantial cost of relocation during construction/ refurbishment works.
“Furthermore, many homeowners and the representative group, the MICA Action Group, have called for lenders to make a contribution towards the redress.”
Deputy Doherty said “Having written to the Central Bank previously, we have been told that it is up to each individual bank to engage with homeowners if they so choose and that the Central Bank does not have a role to play in that regard.
“There is, of course, common cause between the affected homeowners and the banks and financial institutions. Without these repairs, the properties will remain dramatically reduced in value. There will be no prospect of financial institutions finding a resolution that does not result in losses without the redress scheme.”
“Therefore, we have written to the Minister for Finance and the Minister for Housing and we have asked them to meet with the individual lenders and to ask that a contribution be made by them in respect of the redress.
“We have asked that they urge lenders to engage with affected property owners and to provide them with any financial assistance they require.”
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