Doherty launches Sinn Féin bill to cap Mortgage Interest Rates
Sinn Féin Finance Spokesperson Pearse Doherty TD will today introduce a Bill that provide a legal basis to the setting of mortgage interest rates. Deputy Doherty will introduce the Central Bank (Mortgage Interest Rates Bill) 2015 in the Dáil today.
Speaking at the launch of the Bill, Deputy Doherty said:
“Recent research from the Central Bank has shown that the rip off of Irish mortgage customers is a reality. Action is needed, not words. For four years the government has been promising to get tough on the banks. They had no intention then and have no intention now. If they are serious about forcing banks to cut rates, they will back Sinn Féin’s Bill.
“In 2013, I introduced the Interest Rates Approval Bill which empowered the regulator to veto any rate increase at the covered institutions. This 2015 Bill goes further allowing the Regulator to set a cap on rates being charged by banks bailed out or guaranteed by the State. Sinn Féin will then have my new Bill debated and voted on during Private Members’ Time in two weeks’ time.
“The recent announcement of promised cuts at some institutions has not assuaged public anger with Bank of Ireland saying they will not cut rates. The government’s softly, softly approach has failed and a firmer approach with a legal basis and legal penalties is required.
“My Bill will empower the Regulator to set a cap at the so called covered institutions. I am confident this approach will yield better results than the vague threats of Joan Burton and Michael Noonan.”