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Minister Noonan should stop excuses on Mortgage Interest Rates Bill - Pearse Doherty TD

17 May, 2016 - by Pearse Doherty TD

Finance Minister Michael Noonan should publish any legal advice he has on the constitutionality of the Central Bank (Variable Rate Mortgages) Bill 2016 according to Sinn Féin’s Finance Spokesperson Pearse Doherty TD.

The bill looks set to be passed by the Dáil tomorrow evening despite indications that the Government will bring forward an amendment in an attempt to kick the issue into touch.

Deputy Doherty said;

“This bill is about empowering the Central Bank to cap some interest rates for struggling homeowners.  Sinn Féin brought forward similar legislation to the Dáil last year but it was voted down by Fine Gael and Labour.  I note that the Labour Party are to support this bill which is a welcome development but raises questions about that party’s opposition to the Sinn Féin bill last year.

“Sinn Féin’s support for this bill is based on the need to support Irish mortgage holders who are still being ripped off.

“Minister Noonan has raised objections, some political and some constitutional. His wait and see approach has failed.  If he has legal advice then he should put his cards on the table and publish that advice.

“Action on this issue is long overdue and these government objections are not good enough reasons to prevent progress.

“Michael Noonan needs to work at Committee Stage with the majority of TDs and parties who are likely to support this move.  There should be no more delay or excuses. He should work in a constructive way to make sure this bill progresses and is constitutionally sound.”


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