Stephen Donnelly (Wicklow, Independent) | Oireachtas source

On Tuesday Wilbur Ross and Fairfax sold some of their shares in Bank of Ireland. They bought the shares for €600 million and they are now worth just over €1.9 billion, leaving a gain of approximately €1.3 billion. There is no issue as such with this profit, as these investors saw an opportunity and took it to make a killing. What is of issue is the action of Bank of Ireland on the ground every day that is driving up the share price. When it comes to the issue of resolving the mortgage crisis, Bank of Ireland is squeezing Irish families harder than any other bank.

Every Deputy in the Dáil is trying to help families who are struggling to repay mortgages. One of the first questions we always ask in such cases is the name of the bank, as we know that if the bank is Bank of Ireland, the chance of the family having a successful outcome is much less. I will relate some of the responses of Bank of Ireland to the finance committee regarding sustainable solutions.

Deferred interest, payment moratorium and permanent interest rate reduction are not Bank of Ireland solutions. Bank of Ireland is the only bank that charges interest on the shelved portion of the split mortgage, and Richie Boucher admitted to the Oireachtas Joint Committee on Finance, Public Expenditure and Reform that in over 90% of the offers it makes, the family will end up paying more money back to the bank. To join the dots, Bank of Ireland is squeezing struggling Irish families harder than any other bank. The result for shareholders is profit but the result for many Irish families is disaster. For many families struggling to pay their mortgage the difference between financial recovery and ruin is whether they bank with Bank of Ireland.

In his speech on Tuesday the Tánaiste laid out four principles by which we should act - sustainable prosperity, shared prosperity, a threshold of decency, and openness and transparency. I wholeheartedly agree with all four principles. By standing idly by and allowing Bank of Ireland do what it continues to do, the Tánaiste is violating his own principles. The Government could solve this problem very simply by providing a standardised set of solutions to be used by all banks. Will the Tánaiste continue to allow Bank of Ireland go on squeezing Irish families, or will he stand by those excellent principles and insist on a standard set of solutions for all families seeking to resolve their mortgages and apply fairness and consistency?

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