Minister Shatter refuses point blank, to recognise that the legislation that he and his department have designed has proved, almost from the get go, to to be worse than useless in terms of solving the core problem of unsustainable mortgage debt. This problem is with us now for the best part of 6 long years. That we have had six long years and yet have come up with no solution suggests that there are very specific reasons why we actually don't want to come up with a solution. The solution would show that the Irish banking system is still under capitalised, but soon enough that fact, will become undeniable. The government demands that the hoopla surrounding the government's exit from the bailout be played out first. Optics trump substance and reality.
All the minister has done in this debate, is come up with the most self serving and spurious of arguments. This is a water shed moment for tens of thousands of families with unsustainable mortgage debt. The minister has made it quite clear that, he is not for turning. Only one out of every seven families or individuals in mortgage arrears find themselves eligible under the Mortgage Restructuring Arrangement Act 2013. That is 14% but the minister believes that legislation which deals with 14% of 144,000 problems is a valid solution.
The minister will be remembered with infamy and the solution(s) will still have to be found. Inevitably, the crisis is going to get a lot worse before the minister and the department of finance start to come up with real and effective solutions. Solutions, other than those, demanded of them by banks. The ministers are working to a banking agenda but that agenda is working against the agenda of any national recovery. The ministers prescription precludes recovery it makes economic growth all but impossible.
Robert Browne
Posted on 14 Oct 2013 12:17 am
Minister Shatter refuses point blank, to recognise that the legislation that he and his department have designed has proved, almost from the get go, to to be worse than useless in terms of solving the core problem of unsustainable mortgage debt. This problem is with us now for the best part of 6 long years. That we have had six long years and yet have come up with no solution suggests that there are very specific reasons why we actually don't want to come up with a solution. The solution would show that the Irish banking system is still under capitalised, but soon enough that fact, will become undeniable. The government demands that the hoopla surrounding the government's exit from the bailout be played out first. Optics trump substance and reality.
All the minister has done in this debate, is come up with the most self serving and spurious of arguments. This is a water shed moment for tens of thousands of families with unsustainable mortgage debt. The minister has made it quite clear that, he is not for turning. Only one out of every seven families or individuals in mortgage arrears find themselves eligible under the Mortgage Restructuring Arrangement Act 2013. That is 14% but the minister believes that legislation which deals with 14% of 144,000 problems is a valid solution.
The minister will be remembered with infamy and the solution(s) will still have to be found. Inevitably, the crisis is going to get a lot worse before the minister and the department of finance start to come up with real and effective solutions. Solutions, other than those, demanded of them by banks. The ministers are working to a banking agenda but that agenda is working against the agenda of any national recovery. The ministers prescription precludes recovery it makes economic growth all but impossible.