Noonan and Honahan must clarify their position on mortgage crisis

22 January, 2013 - by Pearse Doherty TD


Sinn Féin finance spokesperson, Pearse Doherty TD, called on the finance minister, Michael Noonan and the governor of the Central Bank, Patrick Honahan to “clarify their position on the mortgage crisis”. The call comes after an unnamed source in the Central Bank told Reuters that lenders are being too “timid” and “tame” with those in mortgage distress.
Pearse Doherty said:
“The mortgage crisis is growing at an alarming rate. According to the Central Bank one in four mortgage holders are currently in distress. At present 115 are falling into mortgage distress every single day.
“Fine Gael and Labour have been promising for almost two years that they want to help those in distress.
“Yet today we have an unnamed Central Bank source telling Reuters that they want lenders to get tough with people unable to pay their mortgages.
“I am calling on the governor, Patrick Honohan, to clarify if this is now the position of the Central Bank.
“I am also calling on Minister for Finance Michael Noonan to say if such a position is government policy.
“People are in mortgage distress because they are unable to repay their mortgages. Struggling families who have been hit by unemployment, loss of hours and wages, and the rising cost of living need support from the Government. They do not need further pressure from their lenders.
“The government and the Central Bank need to end their hand off approach to the mortgage crisis. They need to get tough with the banks not with those in distress.”
ends

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