Sinn Féin to move legislation to cap mortgage interest rates
Sinn Féin Finance Spokesperson Pearse Doherty has announced that his party will bring forward the Central Bank (Mortgage Interests Rates Bill) 2015 during its Private Members Time in the Dáil next week.
The bill is designed to give the Central Bank the power to cap mortgage interest rates at banks that have been bailed out with public money.
Deputy Doherty said the legislation is a thought out and concrete Sinn Fein response to the scandal of very high Standard Variable Rates (SVRs) mortgage interest rates.
Speaking this afternoon he said;
“The government has talked tough on mortgage interest rates but delivered very little. People won’t be satisfied by a promised small cut down the line.
“Finance Minister Michael Noonan says this will be considered in the budget if it is still needed. That is a waste of time. Action is needed now. We know Bank of Ireland have already dismissed his plan.
“This is an exceptional bill for exceptional times. It is not a permanent plan. Competition and other reforms are still needed in the banking sector.
“We are limiting the proposal at this stage to those banks the people bailed out. They have a moral obligation to now start giving something back.
“People are being ripped off. Sinn Fein is standing up for the people and taking action.
“We could have gone further and may do so in future but we want government and all party support for this bill as an immediate move against the rip off.”