Written answers
Thursday, 15 December 2011
Department of Environment, Community and Local Government
Local Authority Mortgageholders
5:00 pm
Dessie Ellis (Dublin North West, Sinn Fein)
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Question 221: To ask the Minister for the Environment, Community and Local Government the efforts he will make to ensure that the ECB cut will be passed on to local authority mortgage holders. [40645/11]
Phil Hogan (Carlow-Kilkenny, Fine Gael)
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The Board of the Housing Finance Agency decided at its meeting on 9 December to pass on in full the rate cut of 0.25%, announced the previous day by the European Central Bank, to those local authority borrowers with variable interest rate mortgages. As a result of this latest decrease local authority borrowers will enjoy a differential of well over 1.5% below the average variable rate in the wider mortgage market.
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