Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on Taoiseach Leo Varadkar to explain why he has not followed through on his commitment to take action against energy companies for failing to pass on savings to consumers.
Figures published recently by the European Commission show that Irish workers and families face some of the highest energy prices in the European Union.
Deputy Doherty has previously written to the Commission for Regulation of Utilities calling for the regulator to undertake an intensive and intrusive supervision of retail pricing in light of falling wholesale energy prices, as Irish households continue to face soaring energy bills.
Teachta Doherty said:
“On 1st March, the Taoiseach said he would take action against energy companies who failed to pass on savings to workers and families. He has categorically failed to do so.
“Figures released recently by the European Commission show that we are the most expensive State in the European Union – with the second highest energy costs and the highest health costs in the EU.
“This is what households are dealing with as they struggle under the biggest cost of living crisis in a generation. Indeed, 250,000 households are currently in arrears.
“This is the government’s legacy and the government’s failure.
“We know that electricity prices in Europe have fallen sharply in recent months while Irish electricity prices remain sky-high.
“This is not acceptable.
“The Taoiseach can fly budget kites all he wants, but he needs to explain why he has failed to hold energy companies accountable; as he committed to in March.
“I wrote to the energy regulator recently calling for it to undertake intensive and intrusive supervision of prices energy companies are charging households and their relationship with falling wholesale prices. The Taoiseach needs to get on board with this call.
“Households are struggling – they deserve transparency and every effort to drive down energy costs.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD has said that rip-off increases to home insurance must end.
His comments follow a warning by the Consumers’ Association of Ireland that premiums have jumped by almost 22 per cent in the last year.
Teachta Doherty said:
“I welcome the intervention by the Consumers’ Association of Ireland. Many homeowners will have been shocked by excessive increases in their home insurance.
“This is an issue that I have raised directly with the representative body of the industry, Insurance Ireland, in recent weeks.
“While the sector argues this is due to inflation, it’s hard to see how this would justify what are in some cases double digit percentage increases where customers haven’t made claims.
“This is happening at a time when households are already under huge pressure from the cost of living crisis. Mortgage interest rates, childcare costs, grocery bills and more are mounting up and families simply can’t afford another crippling cost.
“Homeowners feel ripped-off and they need to know that these high bills won’t continue.
“The Minister must intervene directly with the sector to ensure that costs come down to affordable levels without delay.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the introduction of temporary and targeted mortgage interest relief to support struggling households.
The Donegal TD was speaking after the Central Statistics Office found that mortgage interest costs had risen by 46 percent in the past 12 months.
Speaking today, Teachta Doherty said:
“Yesterday the CSO released its inflation figures for June.
“Prices continue to rise while electricity prices have still not fallen.
“In the past year, mortgage interest costs have increased by 46 percent.
“This is a massive income shock for households – for many their monthly mortgage repayment is their single biggest going.
“Borrowers are now seeing their annual mortgage costs increase by thousands of euros.
“This would be challenging at any time, not least in the middle of a wider cost of living crisis.
“In the past year the ECB has increased its main lending rate eight times.
“Households are now facing interest rates as high as 8.5 percent.
“As households contend with a wider cost of living crisis, with no prospect of prices falling in the near-term, it is time for the State to support struggling borrowers.
“Targeted and temporary mortgage interest relief should be introduced to help borrowers who are suffering a significant income shock.
“Sinn Féin have proposed a mortgage interest support scheme that would provide relief on 30 percent of the increased interest costs households have faced since July of last year.
“This support, as so many households face a massive income shock, would provide real relief to households.”
Sinn Féin spokesperson on Finance and TD for Donegal, Pearse Doherty, has welcomed tonight’s cross-party support for his party’s Dáil motion that called on government to honour its commitment to fund 50% of the proposed upgrade to the A5 road.
Members of the A5 Enough is Enough Campaign Group, and relatives of those who lost their lives on the road, were in the Dáil public gallery this evening for the debate, and made a presentation to Oireachtas members earlier in the day.
Teachta Doherty said:
“The heartache that delays to the plan to upgrade A5 road have caused countless families was laid bare to Oireachtas members by relatives who have lost their lives and A5 Enough is Enough Campaign Group was laid bare today.
“More than 50 people have died since 2006, with ten deaths between October 2021 and October 2022 alone.
“Oireachtas members heard first hand the harrowing account of Kate Corrigan of the loss of her son Nathan and two others at Christmas 2021.
“Kate and her husband Damian should have been enjoying cherished family time together with their two sons at Christmas but instead woke up to their worst nightmare of having to instead plan a wake for Nathan.
“There are far too many families who have suffered a similar cruel fate; there can be no more.
“I welcome that Sinn Féin’s motion this evening received cross-party support and moved the government to reaffirm its commitment to funding 50% of the road, as committed to as part of the St Andrews Agreement.
“What we need to see now is that the government remains true to its word.
“The government must also take all necessary steps to ensure that the Ten-T Road upgrade projects for Donegal, connecting to the A5 and related N2 upgrades, receive approval and are delivered as speedily as possible.
“There can be no more heartache, no more deaths, no more grieving families, and no more delays. It is time to build the A5 road.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said the government must honour its commitment to fund 50% of the proposed upgrade to the A5 road.
Speaking ahead of a Sinn Féin Dáil motion on the issue, he said that the A5 upgrade is critical to prevent further lives from being lost, and to enhance the social and economic wellbeing of the North West region.
Teachta Doherty said:
“It is time to build the A5 road with no more delays. Far too many families have lost loved ones on this dangerous road - more than 50 people have died since 2006, with ten deaths between October 2021 and October 2022 alone.
“The A5 upgrade was first announced in 2007 in order to transform a dangerous single-lane road into a much safer dual carriageway but 16 years on we are still waiting.
“We cannot wait any longer. We must act to save lives and protect families from further heartbreak.
“The A5 route is important infrastructure linking north and south - a major route for those living and working in the border counties and right across the North West.
“On Tuesday, Sinn Féin will move a motion in the Dáil calling on the government to honour its commitment to fund 50% of the cost of the A5 upgrade, as committed to as past of the St Andrews agreement, so that it is commenced and completed as quickly as possible.
“This would save lives and create jobs as well as enhancing the social and economic wellbeing of the North West region.
“The government must also take all necessary steps to ensure that the Ten-T Road upgrade projects for Donegal, connecting to the A5 and related N2 upgrades receive approval and are delivered as speedily as possible.
“There can be no more delays, and no more lives lost. It is time to build the A5 road.”
Sinn Féin’s motion can be read here.
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has welcomed today’s proposals from the European Commission to enhance consumer protections against the alarming rise in financial fraud and scams.
Deputy Doherty said the proposed amendments to the Payment Services Directive, including providing compensation to victims of authorised push payment fraud, should be implemented without delay.
Teachta Doherty said:
“Citizens are increasingly exposed to the criminal activities of fraudsters, with an alarming rise in the incidence of fraud and scams since 2019.
“For some time, I have called for additional measures to be introduced to better protect consumers from the criminal activities of fraudsters.
“Including a requirement for banks to cross-check the name of the person a victim thinks they are sending money to against the name on the actual account.
“And a requirement for banks to reimburse victims of this type of fraud.
“Today, the European Commission has proposed changes to the Directive that would require banks to implement this name check and to compensate victims of fraud where this name check was not carried out or the fraudster impersonated the victim’s bank.
“These are welcome proposals that would be effective in protecting consumers and tackling the criminal activity of fraudsters.
“It is imperative that these changes are implemented without delay.
“Indeed, Irish banks should get ahead of the curve and ensure these important measures are in place as soon as possible.
“The government has no strategy to tackle economic crime and fraud, despite it being a key recommendation of the Hamilton Review over two years ago.
“We also know the Department of Justice is frustrating the establishment of a Shared Information Database for banks and agencies to share the information needed to stop fraudsters.
“It is time this rising crime is addressed with the seriousness it demands.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has responded to figures published by the European Commission showing that Irish workers and families face the highest prices in the European Union.
Deputy Doherty today wrote to the Commission for Regulation of Utilities calling for the regulator to undertake an intensive and intrusive supervision of retail pricing in light of falling wholesale energy prices, as Irish households continue to face soaring energy bills.
Speaking today, Teachta Doherty said:
“Figures released by the European Commission confirm what workers and families have known for a long time – we live in a Rip-Off Republic.
“The figures show that we are the most expensive state in the European Union – with the second highest energy costs and the highest health costs in the EU.
“This is what households are dealing with as they struggle under the biggest cost of living crisis in a generation.
“Despite working hard every day, our economy is not working for them.
“This is the Government’s legacy and the Government’s failure.
“Figures released by the CSO today show that since March, household energy prices have risen by 60 percent despite wholesale prices falling by 64 percent in the same period.
“We know that electricity prices in Europe have fallen sharply in recent months while Irish electricity prices remain sky-high.
“This is not acceptable.
“That is why I have written to the energy regulator calling for it to undertake intensive and intrusive supervision of prices energy companies are charging households and their relationship with falling wholesale prices.
“Households are struggling – they deserve transparency and every effort to drive down energy costs.
“For too long, workers and families have suffered from the high cost of living under Fine Gael and Fianna Fáil.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on retail banks and the Central Bank to ensure a clear pathway for mortgage prisoners whose loans are held by vulture funds to be reintegrated to the mainstream mortgage market.
Speaking today, Teachta Doherty said:
“There are tens of thousands of borrowers whose loans were sold by retail banks without their consent.
“These sales were opposed by Sinn Féin but supported and facilitated by Fine Gael and Fianna Fáil.
“Many of these households are now facing interest rates as high as 8 percent, with many seeing their mortgage repayments rise by thousands of euros this year.
“Today the Finance Committee heard from two borrowers whose mortgage loans were sold to Pepper, with their interest rates now between 7 and 8 percent.
“They eloquently described the difficult position they and their families now find themselves in.
“Their lived reality is in stark contrast to the Taoiseach’s false promise that they would be no worse off with vulture funds than with the banks that held their mortgage loans.
“These households need support, and they need it now.
“Sinn Féin has proposed temporary and targeted mortgage interest relief to support households struggling with spiralling mortgage costs.
“But it is clear that the retail banks and Central Bank must act to free households from the clutches of vulture funds.
“Banks should never have sold these mortgage loans.
“They have a moral responsibility to purchase these mortgage loans and provide a clear pathway for these borrowers to re-enter the mainstream mortgage market.
“These borrowers have no option to fix, and many are currently paying higher mortgage repayments than they would were they with retail banks.
“These borrowers must be facilitated to switch.
“I have written to the retail banks and the Central Bank calling for a clear pathway to be provided to allow this to happen.
“This will require a coordinated approach between the banks, MABS and the Central Bank.
“It will also require a clear requirement for vulture funds to facilitate mortgage holders to switch to mainstream mortgage lenders.
“It is time to fix this wrong and support households struggling under spiralling mortgage interest rates.”
Sinn Féin spokesperson on Finance Pearse Doherty TD has responded to figures published by Eurostat showing that Irish living standards fell further behind European countries.
The figures show that, measured by household welfare, Irish living standards fell further behind the European average in 2022 and stood in the bottom half in the European Union.
Speaking today, Teachta Doherty said:
“In 2022 Irish households struggled under the biggest cost of living crisis in a generation.
“Coupled with this, they have had to deal with persistent government failures in housing, health, and high living costs from energy to childcare.
“Figures released by Eurostat show a continued slide in Irish living standards compared to our European partners.
“Irish living standards fell further behind the European average and stood in the bottom half of the European league table.
“This continues a downward trend since Fine Gael took power in 2011.
“It exposes the growing gap between our economy’s performance and Irish living standards.
“The failure of Fianna Fáil, Fine Gael and the Green Party to convert much touted economic gains into higher living standards is a clear failure.
“A deepening housing crisis, access to healthcare, childcare costs and the high cost of living continue to hit the pockets and quality of life of Irish workers and families.
“This drift is a growing threat to the competitiveness of our economy, impacting the ability of firms to attract and retain staff.
“Sinn Féin are committed to tackling these failures and delivering a broad-based rise in living standards for Irish households.”
