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PERMANENT TSB CAME under fire in the Dáil this morning for their 5.19 per cent variable rate on mortgages.
Fianna Fáil’s Eamon O Cuiv noted that this rate was the highest in Ireland, “and, I believe, the highest in Europe”. By contrast, AIB’s variable interest rate on home loans is 3 per cent; Bank of Ireland’s is 3.5 per cent and Ulster Bank’s is 4.9 per cent.
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O Cuiv called the PTSB rate as one of “subprime and usury” levels. He praised Finance Minister Michael Noonan for having “used his powers of persuasion on the AIB” to lower their rate, but claimed it was a job half-completed as long as a “99 per cent State-owned institution” could charge such a high rate to those people trapped in mortgages with them because of negative equity.
Tánaiste Eamon Gilmore said that “the Government very much shares the concern about the interest rates” which some institutions are charging their customers. However, he claimed that the Financial Regulator was going to be “engaging intensively” with financial institutions to ensure no particular segment of their customer base was being “unfairly” targeted.
He listed a number of moves which he said the Government were examining in the hope of alleviating mortgage-debt stress on homeowners:
Pilot schemes being rolled out with local authorities so that those who can’t pay their mortgage can at least stay on in their homes
Mortgage debt will be taken into account in the forthcoming personal insolvency bill
Trade-own mortgages, split mortgages and mortgage-to-rent schemes being looked at
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You know ……. dare I say it !!!!!!!!!!!….. personal banking and finance is something I would like to see under Government control. Albeit, not political control though! Let the market dealers play with their own money.
If we had personal banking with the Government, not only would any profits go back into the country, but they could sell us other services linked to our taxes and contributions that we could get a return on. For example, the state pension could be linked to a Gov. private pension. The more we contribute the more we would be GUARANTEED in pension. Unlike a pension annuity which could be valueless to some folks after 30 years of saving. eg: 2008/9 pensions fiasco et al.
Interesting to think what we could achieve though……… especially as the current banking system is in fiscal meltdown.!!
The state provides the most expensive and one of the poorest performing health services in Europe. The idea of them providing a banking service is frightening.
During the great depression US GDP shrank by 37% and 9000 banks failed.
Canadian GDP shrank by 40% and 0 banks failed.
The US had a central bank. Canada had none. http://mises.org/daily/3548
what we have at the moment is not frightening? As a homeowner, who is not in arrears with my mortgage, I am virtually resigned to the fact that the banks have not even begun to fire their main cannons!
Anyone who thinks that 5% mortgage rates are too high was born in the 90s – and will shortly have a very rude awakening when rates go back above the 7% norms.
I’m not sure what I find more disturbing: Fianna Fail calling for a return of the good old days when banks were lending to people at unprofitably low interest rates. Or the fact that everyone seems to agree with them. This collective madness will take decades to disappear. Yiz are all INSANE.
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