Sinn Féin Finance Spokesperson Pearse Doherty TD has described the Central Bank’s new targets for mortgage distress as “pitifully unambitious”.
Deputy Doherty said;
“We are in the sixth year of the mortgage crisis and it is still raging out of control. We are half a decade into a mortgage crisis and the Central Bank is only proposing that 45% of cases be concluded by the end of this year. These new targets are pitifully unambitious.
“Only this week the EU Commission underlined how ineffective the banks, Central Bank and government have been in tackling this crisis. They called for ambitious targets ‘with a view to substantially resolving mortgage arrears by the end of 2014’. Instead what we have got is an unambitious target of only 45% for concluded settlements.
“I am disappointed once more that the Central Bank is silent on the issue of what a concluded arrangement can mean. We have seen to date the banks using repossessions and so-called voluntary surrenders to reach these targets. The Central Bank’s silence and more importantly the silence of Minister Noonan is as good as a green light to the banks to step up their policy of removing people from their family home.
“This government is continuing to fail those in mortgage arrears and today’s announcement amounts to a re-commitment to an unambitious and hands off approach which is not working.”