Donegal TD Pearse Doherty has responded to today’s roundtable meeting between the Minister for Finance, Central Bank, banks, vulture funds and other stakeholders.
Sinn Féin’s Finance spokesperson last month called on the minister to convene a meeting with the regulator and banking sector to chart a way forward for those struggling with soaring interest rates.
Deputy Doherty said he welcomed today’s meeting between the Minister for Finance and the banking sector.
“On the 4th August I called on the Minister to convene a meeting with the Central Bank and banking industry to develop a strategy to support those facing soaring interest rates,” he said..
“But, what is now needed are results. Households have faced a massive income shock as a result of soaring interest rates – with 1 in 5 households set to see their annual mortgage costs rise by more than €5,700.
“Households that had their mortgages sold off to vulture funds have seen their interest rates soar to as high as 10 percent, effectively becoming mortgage prisoners.
“These sales were supported by Fianna Fáil and Fine Gael and were carried out by many of the banks and vulture funds that attended today’s meeting.
“They have a responsibility to right this wrong and to provide a path for these households to return to the mainstream mortgage market.”
