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EU mortgage agreement “irrelevant” to one in four mortgage holders in distress: Doherty

22 April, 2013 - by Pearse Doherty TD

Sinn Féin finance spokesperson, Pearse Doherty TD, has said a new EU Agreement on Mortgage Credit is “irrelevant” to the one in four Irish households with mortgages in distress.

Deputy Doherty said:
“Ireland is experiencing a mortgage arrears crisis which is causing huge hardship for tens of thousands. There is nothing new in this Directive to help us out of this crisis. It is irrelevant to the one in four mortgage holders who are struggling to pay their mortgages.

The Central Bank with the backing of the government and Troika are moving to allow banks put more pressure on customers and to make it easier for banks to repossess family homes. They are doing this through a loosening of the rules in the Code of Conduct on Mortgage Arrears and through legislation.

Their answer to the mortgage crisis is the bankers’ solution. Sinn Fein’s solution is putting the Family Home first with independent adjudicators forcing banks into sustainable arrangements.

The EU is claiming this new directive, which does not come into effect until 2015, will give borrowers more rights yet the European Commission as part of the Troika is pushing for more repossessions.

The government’s attention must be kept on the crisis in Ireland and dealing with it. Concluding directives in Brussels is not where the crisis will be solved. ends

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