Sinn Féin is the only party with a plan to help struggling home-owners- Cllr Paul Donnelly
Dublin west Sinn Féin election candidate Paul Donnelly has criticised the government for its continued lack of action on the issue of standard variable mortgage rates.
Cllr Donnelly said:“Sinn Féin is the only party that has a comprehensive plan to provide relief to the 300,000 families being ripped off on their Standard Variable Rate mortgages.
Last June Sinn Féin had private members legislationvoted down by the government.
The Central Bank (Mortgage Interest Rates) Bill would have enabled the Central Bank to direct those banks bailed out by the state to lower or cap mortgage interest rates.
The bill would have introduced a legal process whereby the Financial Regulator can set a maximum cap on the standard variable rate that the bailed out banks can charge.
This government has shown a distinct lack of will to deal with the banks on this issue. Deadlines have come and gone and Minister Noonan has failed to act decisively on this matter.
Sinn Féin’s comprehensive and costed Housing Policy contains commitments to re- introduce legislation to empower the Central Bank to limit the interest rates for banks.
We would also put an end to the banks’ veto in cases where the family home is involved regardless of when the arrears began, while also strengthening the role of MABS in advising and helping struggling homeowners.
There is a better way. A vote for Sinn Féin in the next election would ensure some respite is given to struggling homeowners.”