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People put under financial terror have taken the step to take their own lives.
SENATOR DAVID NORRIS let rip on the banks, vulture funds and the government for allowing those in mortgage arrears languish in debt with no solution.
Under this Bill the National Housing Co-Operative would purchase the properties and the related debt from the various lending bodies – such as banks and vulture funds.
The capital required would be raised by the issue of a 20-year Secured Property Bond, secured by the properties acquired by co-op from existing lending agencies and underpinned by a guarantee issued by the European Investment Fund (EIF).
The sum required to purchase the portfolio of distressed home mortgage loans is estimated at €5 billion.
Norris explained that it would allow people remain in their homes and give them the opportunity to own their homes through writing new mortgage contracts over maximum of 30 years.
This Bill is particularly timely, due to AIB unloading their shares, which Norris said will “create a potential avalanche” in homelessness.
Giving an emotional contribution in the Seanad, Norris questioned how vulture funds were even allowed into the country.
“I find it astonishing that an Irish Republic stand over evictions,” he said, adding that vulture funds were invited in to pick ”up the slack” for “vulgar profiteering”.
He went on to say he respected the former Finance Minister Michael Noonan, but added that he could not understand his thinking on this issue.
It’s on the Dáil record that officials in the Department of Finance met with private equity vulture firms 65 times in 2013 and 2014, with Noonan attending eight of those meetings.
“I don’t understand how the bloody vulture funds got into his country in the first place… how anyone can say they are good idea, because they cleaned up corpses – how could anyone make such a gaf,” he asked.
“What we are talking about is the corpses of the well-being of the Irish people.”
Breaking down some of the stats, Central Bank figures show there are 41,000 mortgages that have been in arrears for a year or more, with 5.6% of all mortgages in arrears for that period.
“We are dealing with human people, with human misery. When I look at the ECB (European Central Bank) I have to say, it makes me grimace,” said Norris, stating “it’s like forcing the Jews to pay for their own execution”.
Highlighting some of the country’s stark history when it comes to landowners and evictions, he said he finds it “astonishing” that an Irish Republic would stand over evictions.
“There is a thing in Ireland about owning your land and owning your own home,” he added.
“With regards the banks – they have learned nothing. They are precisely the same as they were before the crisis,” said the senator, adding that they are unleashing “financial terror” on people.
The Green Party and Solidarity-People Before Profit are supporting Bill, while it is understood the government are opposing it due to its “unaffordablity”, with one government source stating that it would create an indeterminate demand of the limited fiscal resources and the Bill would interfere with negotiations ongoing between lenders and mortgage holders.
Speaking at the launch of the Bill yesterday, homeless activist Father Peter McVerry said he did not know why anyone in Ireland could not support this Bill.
The Bill is supported by groups such as Right2Homes, the Peter McVerry Trust, Focus Ireland, Irish Mortgage Holders Organisation, Irish Homeowners Unite, The Friends of Banking and the Public Banking Forum Ireland.
If you need to talk, contact:
- Samaritans 116 123 or email jo@samaritans.org
- Aware 1800 80 48 48 (depression, anxiety)
- Pieta House 1800 247 247 or email mary@pieta.ie (suicide, self-harm)
- Teen-Line Ireland 1800 833 634 (for ages 13 to 19)
- Childline 1800 66 66 66 (for under 18s)
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In 2008 1.7tonne was worth 650million,In 2023 2.3tonne is worth 157million.
Cost of living crisis must be hitting the drug dealers also these days.
@John Sleator: That’s a good one john
Street Value……I do wonder what streets the Guards are buying their drugs on……
@Shane Scanlan: asking for a friend?
@Shane Scanlan: “what street do you buy your drugs on? Because it’s not the same street I buy my drugs on!”
@Shane Scanlan: I don’t know but if they ever want a better deal then they should go somewhere else
@Shane Scanlan:at that price their probably selling around Temple bar
Pointless waste of money.
Note that there will be no follow up reporting – there never is – on the actual impact of things like this.
We need information.
How much do drugs polices cost taxpayers? (millions a year at least)
What impact do they have on availability of drugs? (85% of drugs aren’t intercepted, so the educated guess would be that the impact is negligible and very tempory at best – more likely the impact is closer to zero)
Relative to their cost, bearing in mind how badly we need money to eg pay carers, what is the point of these policies?
Not reducing supply. Supply is unaffected.
Not reducing deaths. We have twice the OD deaths of Portugal, which has twice our population.
So what’s the point?
I’m all for letting the lads shoot machine guns into the ocean, but surely that can’t justify the cost.
@Chris O’Brien: seeing as a kilo starts for about 2k from it’s point of origin the original value of the cocaine probably cost less than the surveillance alone.
@Butters: the real cost is the impact, not how much it costs to make them. It doesn’t cost much to make bullets, but they do a lot of harm. However, I would not assume to know the impact this haul would make or not make, I’m just thinking about the desperately addicted people here.
Great work by all involved, maybe tip of the iceberg but it keeps some of the filth off our streets.
@Eamon: Why are people so negative. A budget amount is given for all the law enforcement agencies for the purpose of detecting and seizing drugs entering Ireland. While I agree that drugs are imported every week into Ireland a seizure like this, no matter how small people think it is, should be celebrate. How many lives has this seizure saved ?. And I don’t mean deaths from drugs. There are serious OCG running riot in this country and importation of drugs is just 1 of their sources of income. They reek havoc every where, people smuggling for slavery, prostitution, extreme porn. Let’s celebrate 1 up for the good guys
On my way to Wexford for 2 x bags of strawberries…
@Paddy: Double dips ? On blotter paper?
@Brian Keelty: showing your age there I think lol
We should keep and it sell ourselves to pay off our debt. By bedtime tonight the Garda will estimate the haul to be now worth 600 trillion bajilloon euros.
Has the value of cocaine decreased since 2008? I’d have thought that it went up.
Great money in Drugs.. Surprised Michael and Paschal don’t have a tax tied to it….
Then they’d know the drug dealers
Probably bound for the UK and we done them a favour
By the time it’s cut up Irish dtyle6itll be 10 x that.
Liked and shared hope I win!
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