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14/10/2011
'Stop Raising Mortgage Rates' Says Elderfield
Banks have been asked to stop raising standard variable rates on mortgages in a bid to relieve the problem of mortgage arrears.
Financial Regulator Matthew Elderfield, who met with the Chief Executives of AIB, Bank of Ireland, EBS, Permanent TSB, Ulster Bank and KBC said that if they did not comply they would face restrictions on their ability to increase rates.
It is understood that the Regulator, who is head of Central Bank, is concerned that the rising standard variable rates is adding to the growing mortgage arrears problem.
It is his mission to clamp down on banks targeting homeowners with variable rate mortgages.
Mr Elderfield wants to stop the banks from hitting those struggling with their debt with rate hikes.
Around 200,000 people with variable rate mortgages are being hit with repeated rate hikes as banks try to recoup losses.
While the Central Bank does not have the power to cap interest rates, it is understood Mr Elderfield has told banks that if they do not comply he will be obliged to seek a public policy response to address the issue.
The Taoiseach said the Government is right behind the Central bank on this issue.
Mr Kenny said: "The Regulator is correct in this case. Obviously what is happening in the cases that he has identified is that banks are increasing the variable rate because they are losing out on tracker mortgages.
"I think the Regulator has also required that an impact analysis be carried out here and that banks justify their actions to him."
(LB/CD)
Financial Regulator Matthew Elderfield, who met with the Chief Executives of AIB, Bank of Ireland, EBS, Permanent TSB, Ulster Bank and KBC said that if they did not comply they would face restrictions on their ability to increase rates.
It is understood that the Regulator, who is head of Central Bank, is concerned that the rising standard variable rates is adding to the growing mortgage arrears problem.
It is his mission to clamp down on banks targeting homeowners with variable rate mortgages.
Mr Elderfield wants to stop the banks from hitting those struggling with their debt with rate hikes.
Around 200,000 people with variable rate mortgages are being hit with repeated rate hikes as banks try to recoup losses.
While the Central Bank does not have the power to cap interest rates, it is understood Mr Elderfield has told banks that if they do not comply he will be obliged to seek a public policy response to address the issue.
The Taoiseach said the Government is right behind the Central bank on this issue.
Mr Kenny said: "The Regulator is correct in this case. Obviously what is happening in the cases that he has identified is that banks are increasing the variable rate because they are losing out on tracker mortgages.
"I think the Regulator has also required that an impact analysis be carried out here and that banks justify their actions to him."
(LB/CD)
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28 July 2016
Banks Results Highlight Need For Reductions For Mortgage Customers - FF
Recent financial results and trading statements of banks has highlighted the need for a reduction of interest rates for variable rate mortgage customers, Fianna Fáil Spokesperson on Finance Michael McGrath has said. "I note with interest that AIB has confirmed today that its net interest margin has increased by 16 basis points to 2.
Banks Results Highlight Need For Reductions For Mortgage Customers - FF
Recent financial results and trading statements of banks has highlighted the need for a reduction of interest rates for variable rate mortgage customers, Fianna Fáil Spokesperson on Finance Michael McGrath has said. "I note with interest that AIB has confirmed today that its net interest margin has increased by 16 basis points to 2.
18 August 2015
Minister For Finance Called To Secure More Progress On Interest Rates
Fianna Fáil has called on Minister for Finance, Michael Noonan, to "insist on much more progress", on variable mortgage interest rates during a series of meetings with Ireland's banks next month.
Minister For Finance Called To Secure More Progress On Interest Rates
Fianna Fáil has called on Minister for Finance, Michael Noonan, to "insist on much more progress", on variable mortgage interest rates during a series of meetings with Ireland's banks next month.
30 April 2015
Sinn Féin Calls On The Government To 'Stand Up To Banks'
The Taoiseach Enda Kenny has been criticised by Sinn Féin leader Gerry Adams over his position on the banks refusal to cut variable mortgage rates for struggling homeowners. Mr Adams said that Mr Kenny's response was "not good enough" and that the government needs to "move beyond the rhetoric and force the banks to reduce the interest rates".
Sinn Féin Calls On The Government To 'Stand Up To Banks'
The Taoiseach Enda Kenny has been criticised by Sinn Féin leader Gerry Adams over his position on the banks refusal to cut variable mortgage rates for struggling homeowners. Mr Adams said that Mr Kenny's response was "not good enough" and that the government needs to "move beyond the rhetoric and force the banks to reduce the interest rates".
12 May 2015
Fianna Fáil 'Dismayed' At Central Bank Position
Fianna Fáil has said that it is "dismayed" at reports that the Central Bank is "siding with the banks and not 300,000 mortgage holders paying variable mortgage rates which are double the euro zone average".
Fianna Fáil 'Dismayed' At Central Bank Position
Fianna Fáil has said that it is "dismayed" at reports that the Central Bank is "siding with the banks and not 300,000 mortgage holders paying variable mortgage rates which are double the euro zone average".
05 November 2012
Variable Rate Mortgages Rising Would Be A 'Disaster' - FF
The prospect of standard variable rate mortgages rising to between 5% and 6% over the next few years would be a disaster for hundreds of Waterford families that bank with AIB, according to the Fianna Fáil Cllr Michael J O’Ryan.
Variable Rate Mortgages Rising Would Be A 'Disaster' - FF
The prospect of standard variable rate mortgages rising to between 5% and 6% over the next few years would be a disaster for hundreds of Waterford families that bank with AIB, according to the Fianna Fáil Cllr Michael J O’Ryan.
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