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Cap mortgage cartel - Liadh Ní Riada MEP

23 November, 2016 - by Liadh Ní Riada MEP

Sinn Féin MEP Liadh Ní Riada has accused the Irish Government and European Central Bank of insulting families on the verge of eviction.

The Ireland South representative was speaking after raising the issue of the recently released ECB 'opinion' on moves to cap mortgage rates in the European Parliament. 

"I raised the whole issue of the European Central Bank in Strasbourg this week.

"The Irish banking inquiry found that the ECB explicitly threatened to cut support for Irish banks if the government imposed losses on senior bondholders.

"Now we have a housing crisis that is being fuelled by the banks that were bailed out by the public.

"The main Irish banks have colluded to keep variable mortgage interest rates sky-high, nearly double the Eurozone average. More than 100,000 households have fallen into arrears.

"The Irish government has refused to intervene, and when the opposition proposed acting to cap rates, the government turned to the ECB.

"The ECB opinion released on Friday saying that Ireland should be ‘extremely cautious’ before intervening to cap rates is an insult to these families on the verge of eviction. The view that it could threaten competition is laughable, because what we have now is a cartel.

"The ECB needs to recognise that its policies effect hundreds of millions of citizens, and act in their interests for once."

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