Seanad debates

Wednesday, 27 November 2019

An tOrd Gnó - Order of Business

 

10:30 am

Photo of Robbie GallagherRobbie Gallagher (Fianna Fail) | Oireachtas source

I also support Senator Leyden's amendment to the Order of Business. Following on from Senator Bacik's comments, I welcome the fact that there appears to have been a breakthrough of sorts in the farming dispute. What I find particularly frustrating - and I am sure many farmers do as well - is that it seems to take farmers leaving their lands with their tractors to drive up to the gates of Leinster House to get action. This clearly illustrates that more urgent action is required of the Minister to address this issue and to finally achieve a positive resolution.

The main issue I wish to raise relates to mortgage holders. Mortgage interest rates in the Republic of Ireland are among the highest, if not the highest, in the eurozone. To provide a practical example, a couple or single individual with a mortgage of €200,000 pays €250 per month more than their eurozone counterparts. That amounts to €3,000 per annum, which is a serious sum. This is clearly not right and not fair. People are asking why this is so.

The other area of the mortgage market about which the Government needs to be more proactive is that of switching. Many people do not realise they can save thousands of euro by switching their mortgage from one lender to another. More needs to be done to inform people of the savings that can accrue. The process of switching mortgage needs to be simplified so that more people take up the opportunity. More switching would encourage more competition which would, in turn, reduce interest rates. I ask the Minister to invite the Minister for Finance to the House for a debate on the mortgage market in Ireland and on how Irish mortgage holders are currently being fleeced compared to their European counterparts. We need to get the Government to be more proactive and we need a campaign to encourage people to switch their mortgages from one lender to another to save themselves a few euro.

Comments

No comments

Log in or join to post a public comment.