The Government has failed to take the initiative in tackling the mortgage crisis and exactly six months (Sept 30th 2011) after receiving the Keane Report many of its key recommendations have not been implemented and are not even in the process of being put in place, local Fianna Fáil TD Seán Ó Fearghaíl has said.
The Government promised, very publicly, that it would act on the recommendations of the Keane Report. They simply have not, he said.
He said the Government has done nothing about the 5.19% standard variable interest rate being charged by Permanent TSB, a state-owned bank, and the standard variable rate being charged by state-owned AIB which is 2% lower.
“The Taoiseach sought headlines by announcing that he is now Chairing a Cabinet sub-committee on the mortgage crisis and the government will “encourage” the banks to be more proactive with borrowers. This is not good enough. If we have learned anything in recent years, it is that relying on the banks is not a sustainable strategy,” said the Kildare South TD.