Banks must engage with conciliation process for Priory Hall residents – Ellis
April 30, 2012
The Sinn Féin housing spokesperson Dessie Ellis TD has called on the banks that were mortgage lenders to Priory Hall residents to engage in a process of conciliation as proposed by the Supreme Court. This would be chaired by the retired Supreme Court judge Joseph Finnegan.
He made his comments in light of the Irish Banking Federation’s statement that it will not engage in any process.
Deputy Ellis said:
“The residents of Priory Hall have been very badly treated and have struggled hard to get to this point. They have lost their homes to the corruption of a developer and the failure of the state to properly regulate. Now they are being snubbed by the banks that they are in debt to for a home they no longer have.
“I welcome the initiative of the conciliation process proposed by the court and call on the IBF and the banks who lent to Priory Hall residents, including those in public hands, to engage with it.
“Though Priory Hall is unique in the fact that it is no longer habitable, this case highlights the serious need for the implementation of a targeted debt resolution process to deal with the massive number of unviable mortgages. This issue is causing great worry and stress to many people throughout the state who can no longer manage the burden of the debt on their home.
“The case is clear and the government must act.”