Fianna Fáil TD John McGuinness told the Taoiseach that people are crying out for help.
DURING A RARE appearance of the Taoiseach in an Oireachtas committee this week, Leo Varadkar was told that the “banks are as aggressive and as arrogant as the time of the crash”.
McGuinness said the government often states that there are regulations in place to protect householders, but, he said “there isn’t really in practice”. Following the publication of the report, intermediaries that work on behalf of vulture funds escaped tougher regulations with the Minister for Finance Paschal Donohoe recommending that the status quo be maintained and that no changes be made to the current code on mortgage arrears.
He said hundreds of thousands of people are paying higher mortgage interest rates than are in place in other European companies, acknowledging that this is partly due to the lack of competition in the Irish market.Varadkar said he has to consider the “wider society impact before we do anything in this space”. He added that his government has accepted Fianna Fáil’s Bill dealing with vulture funds, which means they can be directly inspected and investigated by the Central Bank.
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