There is some very welcome news for mortgage holders this morning as Fianna Fail’s proposed bill to tackle high variable interest rates has been unanimously passed in the Dáil late last night.
The controversial Bill which has been criticised by the Finance Minister Michael Noonan, will now see the Central Bank being forced to reduce their interest rates comply with their EU counterparts.
The Bill which will most likely see thousands of homeowners currently struggling to make loan repayments being given a break in their interest rates will now go to committee stage after a number of opposition parties including Sinn Féin, Labour, People Before Profit-AAA, the Social Democrats and some Independents voted in favour of the Bill last night.
The Bill which is being rushed through the Dail after a number of opposition TD’s claimed that the country;’s leading banks are “ripping off” their customers on variable rates.
However, Minister for Finance Michael Noonan claimed the has a number of flaws and that the Central Bank did not want the power to regulate rates.
Although it now seems that the minister has been forced to concede defeat after he revealed that the Government will not press ahead with their proposed amendment.