“Mortgage holders all over the country
are struggling with massive debt and negative equity arising out of a crisis largely fuelled by the excesses of the banking
sector. Last weekend, arising from a decision of the ECB, they had looked forward to some relief in their monthly repayments.
Now, not only has that hope not turned to reality, but NIB customers have had a knife stuck in their backs in the form of
an interest rate hike effective in two days time.”
“What is the role of the regulator
and the Irish Central Bank in this mess? Surely one of their objectives is to ensure that banks treat their customers fairly.
Why are they not insisting on enforcing this – and if they have not the power to so do then we must ask what is the
point of all this so-called regulation.”
“For far too long the banks have
ridden rough-shod over the rights of individuals and the rights of society. NIB
was part of the gold-rush by banks during the so-called Celtic tiger era. The avarice and arrogance of that era cannot be
allowed to continue and, if needs be, legislation should be immediately introduced in the Dáil to ensure that the regulator
has the power to dictate interest rates in the interest of the customer.”
Issued: 8th Nov 2011