Mortgage interest rate increases
Senator Ó Domhnaill condemns Allied Irish Banks’ proposed mortgage-rate increases, while Senator O’Keeffe defends the Government’s wider economic strategy and foreign investment approach.
There is a drastic need for us to redefine what we stand for in the Seanad and up our game a little. Having statements and half day sittings is a complete waste of time when the country is in crisis. We should use this Chamber more effectively. That is what I am calling for. Perhaps the heads of the parties might sit down and come up with an agenda. Ultimately, it is a matter for the Government to support the Leader of the Seanad to ensure it actually happens.
The letters issued yesterday by Allied Irish Banks on mortgage interest rate increases are absolutely disgraceful. The bank is almost entirely owned by the State. There are public interest directors on the board, yet the variable interest rate has been increased for those who can barely afford to make repayments. The Government is stagnating the domestic economy, including through property taxation. No one is spending money. Shops are closing in every rural village. Staff are being laid off and there is absolutely nothing happening. In the next couple of weeks every Minister should come to this Chamber to talk about what he or she will do to reignite the domestic economy. All the talk is about foreign direct investment and export-led growth. That is fine, but it will not help Mary or John in Castlebar or Letterkenny. We need the domestic economy to work. It is broken and the Government has no plan to fix it. We need Ministers to tell us what they are doing and allow us to question them on behalf of constituents who are raising issues with us. If this does not happen, we are failing citizens in this House.
Comment on this
The Senator knows very well that it is a complete fabrication to state the Government has no plan to try to rectify the problem with the domestic economy.
Comment on this
Walk into any shop; it is disgraceful.
Comment on this
While foreign direct investment does not have a direct impact on Mary in County Donegal or Mary in County Kerry, it is a very important part of the strategy which will, in time, build a stronger economy. The plan is to stimulate the domestic economy in the next year once we have exited the troika arrangement. We will then be able to begin to invest and stimulate the economy. The Senator knows this and, therefore, should not waste our time. He talks about wasting the time of the Seanad; he is doing it himself.
Comment on this
The Senator is lecturing her own people.
