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Troika's target for distressed mortgages lacking ambition - Doherty

11 September, 2013 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has described the Troika's targets for the banks to reach agreements with distressed mortgage holders as lacking ambition.  Deputy Doherty said the government needs to be breathing down the necks of the banks to ensure that they are offering homeowners fair agreements.

Speaking this evening as details of the Troika's targets emerged Deputy Doherty said;

"Last week we had the farce of the banks coming into the Dáil with massaged figures as it was revealed that they were including letters threatening repossessions as part of their figures to reach their targets.

"We now need to see the government breathing down the necks of these banks to ensure that they are offering fair solutions to distressed mortgage holders and that they are meeting their targets.

"The target suggested by the Troika of 25% of agreements finalised by the end of next March is lacking ambition and fails to acknowledge the depth or urgency of the crisis.  To think that 75% of distressed mortgage holders would still not have their agreements settled one year on from when the government set these targets is unacceptable.

"These baks benefitted from public money when they were bailed out by the taxpayer.  The government now needs to act in the interest of those taxpayers and start putting pressure on the banks to act appropiately."


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