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Government of the banks, for the banks by the banks - Tóibín

28 April, 2015

Speaking in the Dáil tonight, Sinn Féin Junior Finance Spokesperson Peadar Tóibín TD accused the government of leaving vulnerable families high and dry by failing to tackle the increasing numbers of repossession orders being pursued by the banks.  

Teachta Tóibín said:

“It astonishes me that after so many years dealing with the fall out of the banking and fiscal crisis the banks still hold the balance of power on mortgage distress.

“In the first nine months of last year, repossessions order quadrupled in comparison to the previous year, yet the government refuses to take urgent and concrete action in taking on the banks.

“There remains no real policing of the banks so called ‘solutions’ for distressed mortgage holders, and we know there is also deficit of independent financial advice and supports for struggling borrowers.

“In my dealing with families it is clear that the Financial Ombudsman’s Office does not have sufficient powers to impose proper procedures on banks, and it is these families who are paying the price.

“The Minister for Finance needs to urgently investigate significant allegations that mortgages and loans are being sold to third parties for values less than the offers made by homeowners.  

“Minister Noonan also needs to address the failures of the Mortgage to Rent Scheme as it is a rare as Hens Teeth and should play a real role with amongst the suite of solutions. Unfortunately the reality for most families is that we have government of the banks, for the banks by the banks.” 

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