Leahy: Minister has put poachers in charge of the banks
RENUA Ireland Leader Cllr. John Leahy has said the solution proposed by Paschal Donohoe for the tracker mortgage scandal has raised more questions than answers.
Commenting on Mr Donohoes response RENUA Ireland said:
"We are deeply concerned by the ongoing role of the Central Bank in the Ministers Proposals. This is the watchdog which during yet another banking crisis has neither watched nor barked until very late in the day."
"The government is being very optimistic in ascribing total confidence to the Central Bank to protect consumers. Absolutely nothing in its culture or history suggests the Central Bank can fulfil this role," Leahy fumed.
"Under its watch, the lives of 30,000 Irish families, and possibly more has been destroyed by these amoral institutions. To date the performance of the Central Bank has been that of an institution obsessed by rules and utterly devoid of social empathy who are standing idly by as a social crisis accelerates."
Leahy continued to say that "no one doubts the minister’s anger or his determination, but he has passed total control of solving this problem over to one of the causes of the problem namely the Central Bank."
"We [Renua] are also deeply unimpressed by the March timeline for a final solution. For many, though, this resembles the ongoing Irish governance saga of always being a report away from action."
"Since the 1980s we, since the DIRT scandal, have had many reports and inquiries into the culture of Irish banking; the most recent being the Banking Inquiry. "
"Many people will tonight ask do we need another and; if so, are the Central Bank best qualified to conduct it? Minister Donohoe is asking for a great deal of trust without providing much evidence to defend his plea."
Tracker mortgages and the Mortgage Arrears crisis has been going on for far too long and far too little has been done.
"When it comes to the latter issue, 73,000 family home loans are in arrears of which 32,000 have been in arrears for more than 2 years. The Central Bank and the banks are now preparing to abandon these mortgage holders to the vulture funds," Leahy claimed.
"It is time governments became far tougher and imposed a severe swingeing series of tax increases and real independent consumer centred regulation on our serial offender banks."
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