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Sinn Féin call on other Banks to follow mortgage lead of Ulster Bank

21 August, 2008

Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA (South Antrim) in welcoming the initiative for first time buyers introduced today by Ulster Bank in conjunction with a number of developers has called on other Banks to follow suit and introduce other products to stimulate the market.

Mitchel McLaughlin said:

"I welcome the introduction of this new mortgage product being introduced by Ulster Bank in conjunction with a number of property developers. I am aware that First and Deputy First Ministers, Peter Robinson and Martin McGuinness met with all of the major financial institutions recently to encourage them to introduce innovative measures to stimulate the housing market.

"Although not the answer to all the difficulties being experienced by those wishing to get on the property ladder it does demonstrate that with a little imagination the financial sector and the developers can offer inventive measures to attract purchasers.

"I would therefore, encourage other Banks, Building Societies and developers to follow this example and introduce further competitive measures that will stimulate the housing market and reinvigorate the construction industry which is so vital to growing our economy." ENDS

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