Independent TD Carol Nolan has called on Government to ‘stop dithering in deference to the European Central Bank’ and to make a clear political decision one way or the other with respect to the introduction of mortgage interest relief.
The Laois Offaly Deputy was speaking after pressure continues to mount for some form of relief to be made available following the seventh interest rate hike in less than a year which has seen those on tracker mortgages hit with a combined rate increase of 3.75 per cent:
“There is no doubt that for many families in Laois Offaly and indeed in every county in the country, this latest increase is going to push them into debt and mortgage arrears,” said Deputy Nolan.
“We have to consider what is best for our own people and stop this constant deference to the European Central Bank, especially when people here are genuinely hurting from the massive jumps in mortgage repayment amounts.”
“As I understand it from recent Dáil debates we have had on this matter, there are costed proposals which estimate that it would take €400 million, in terms of targeted mortgage interest relief to deliver support of up €1,500 per annum.”
“In the wider financial context, we have indications that Government has taken in €3.5 billion in corporation tax just in the first four months of this year alone. How can that amount of revenue fail to create the space within which relief could not be considered?”
“This is going to become a major issue going forward because mortgage defaults, as bad as they are at any time for families, are clearly something Government should be moving heaven and earth to avoid in the current housing crisis,
“I am also particularly mindful of those farming families who, in addition to interest rate hikes have also seen their margins wiped out and input costs escalate. They too need relief before the vultures return for yet another feast on Irish farmsteads” concluded Deputy Nolan.
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