Bank of Ireland interest rate hike will push mortgage holders over the edge \u2013 Sinn Fein<\/p>\n
Dublin South West representative Se\u00e1n Crowe TD responding to news that Bank of Ireland has hiked its interest rate by half a percentage point said the move is guaranteed to push some mortgage owners over the edge, potentially taking people who are just meeting their mortgages into the volatile mortgage distress category.<\/p>\n
Crowe\u00a0said that\u00a0the Government\u2019s inability to\u00a0lay it out to\u00a0banks\u00a0in black and white,\u00a0their huge\u00a0debt to Irish people\u00a0is one\u00a0their biggest failure to date.<\/p>\n
Deputy\u00a0Se\u00e1n Crowe\u00a0said:<\/p>\n
\u201cEarly this morning, people began to receive letters from Bank of Ireland, with no prior warning, telling them their rate had increased by half a percentage point. For a \u20ac200,000 mortgage this equates to roughly \u20ac50 per month. That\u2019s an additional \u20ac600 per year for cash strapped\u00a0\u00a0people to find.<\/p>\n
\u201cPeople are struggling out there. They are struggling because politicians, banks and property speculators sold this state down the river and left ordinary people to pick up the tab. We have thousands of people in mortgage distress and the \u00a0size of this\u00a0increase\u00a0 will push some more\u00a0people over the financial\u00a0edge. If the banks stratgey is to push more people to the point where they can’t pay any of their mortgage, then they are going the right way about it.<\/p>\n
\u201cThis Government has sat on its hands throughout this mortgage crisis, as the Moody\u2019s report last week pointed out. Their reactions have been passive,\u00a0ineffectual and hardly proportionate to the size of this growing\u00a0crisis.<\/p>\n
\u201cWhen the banks were in crisis, this Government and Fianna F\u00e1il found the \u20ac64 billion in cash and\u00a0\u00a0strampedeeded \u00a0to \u00a0be first to bail them out. When citizens are in crisis, the Government holds up its hands and says it can do nothing.<\/p>\n
\u201cThe ECB is lending at .75% and yet Bank of Ireland told customers today that the cost of lending had gone up. We need the Government to intervene immediately with the banks on their interest hikes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Bank of Ireland interest rate hike will push mortgage holders over the edge \u2013 Sinn Fein Dublin South West representative Se\u00e1n Crowe TD responding to news that Bank of Ireland has hiked its interest rate by half a percentage point said the move is guaranteed to push some mortgage owners over the edge, potentially taking […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-519","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=519"}],"version-history":[{"count":0,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/519\/revisions"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=519"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}