Cork North West TD and member of the Oireachtas Finance Committee Michael Creed T.D. reiterated his call for a solution to the conflict being experienced between tracker and variable mortgages. Commenting after yesterday’s Joint Oireachtas Committee meeting with the Fiscal Council, Deputy Creed said:
“I was keen to seek the views of the council on the ongoing increases being experienced by those with variable mortgages despite the ECB dropping interest rates to record lows. On the other hand tracker mortgage holders continue to benefit from these record low interest rates while the banks continue to pass the burden to other mortgage holders”
“I recently called on the Minister for Finance and the Taoiseach to re-double their efforts to see the Eurozone decision of June 2012 implemented and suggested the prospect of the ESM or the ECB refinancing the tracker mortgage loan books of our banks.”
“I am pleased that Professor John McHale, Chairman of the Fiscal Council shared some of my concerns with regard the plight of variable mortgage holders. It is important that the Council exert their influence to ensure this matter is monitored and acted upon”.