Government Needs To Get Real with Bank Bosses – Crowe

The Dublin South West representative Seán Crowe TD, has challenged the Government to “get real” about dealing with the demands of banks and immediately tackle the mortgage interest rate hike proposal announced by Allied Irish Banks for its 70,000 mortgage holders. Crowe said his fulltime office in Tallaght has been inundated with phone calls from distressed mortgage holders wondering how they are going to meet this latest demand on their shrinking income.

Deputy Seán Crowe said:

“Allied Irish bank is 99.8% state-owned. It has received a whopping €21 billion in taxpayers’ money.

“The government needs to get real with the banks and reel in their policies that are bleeding dry customers.

“What has happened to the Government stated commitment to help and support homeowners weather this deepening recession?

“Two years ago yesterday,  Labour launched their Plan for Distressed Mortgages and Household Debt and told hard pressed families that if they were in government, they would enjoy peace of mind.

“They are now two years in government.

“They also say that two things rob people of their peace of mind : work unfinished and work not yet begun.

“And both apply to this government.

“All we have seen is more billions being handed over to banks while mortgage distress has doubled.

“Many families are at their wits end wondering how with a shrinking income they are supposed to feed and clothe their children and at the same meet an increased mortgage.

“Even the Master of the High Court has claimed that the banks are driving some struggling mortgage holders to suicide.”

Edmund Honohan said  that the pursuit of people to the bitter end as part of an accountancy exercise to write off debts  was leading to social disquiet and driving some people to suicide.

“Banks and their well paid executives are treating the public with utter disdain and contempt.

“Far from giving families a breather, and standing up for struggling families, this government seem content on heaping more misery with another burden called a family home tax. More taxes and more aggressive demands are stretching many to breaking point. Surely  it is long past the time for the banks to start responding in a more positive way  to the needs and aspirations of its owners the Irish taxpayers”