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Government needs to stand up to the Banks - Adams

30 April, 2015 - by Gerry Adams TD


Sinn Féin President Gerry Adams TD has commented on the Taoiseach’s statement this morning that the banks refusal to cut variable mortgage rates for struggling homeowners is “unacceptable”.

The Louth TD said:

“It is not good enough for the Taoiseach to merely say that the refusal of the banks to cut the variable mortgage rate for struggling homeowners is unacceptable.

“The high variable mortgage rates are contributing to the crisis in mortgage arrears.

“The government needs to move beyond the rhetoric and force the banks to reduce the interest rates and end the veto the banks have over efforts to find mortgage resolutions.

“Empty threats to bring pressure on the banks will not work. Having polite conversations with the Bank CEOs will not work.

“The state owns most of these banks and it needs to take firm and decisive action to reduce the variable mortgage rates. The government should introduce new insolvency laws that support struggling homeowners; revisit the Land and Conveyancing Act to empower the courts and to give greater legal protection to the Family Home.

“In short, the government needs to stand up to the banks.” 

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