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LAST UPDATE | 31 Jan 2019
THE DÁIL HAS voted in favour of Sinn Féin’s No Consent, No Sale Bill which aims to give mortgage holders the power to block the sale of their loans to vulture funds.
Pearse Doherty’s Central Bank (Transfer of Mortgages) Bill puts into law what already exists at the moment as a voluntary Central Bank code.
The Dáil voted by 80 votes to 45 to pass the Bill – the government opposed the proposed legislation.
That voluntary code states that lenders looking to offload a mortgage must get the borrower’s permission before selling the loan onto a third party.
The deputy recently highlighted the code of practice with Permanent TSB bankers when they appeared before an Oireachtas Committee. He asked if PTSB would adhere to the code in relation to the transfer of over 6,000 of its customers’ mortgages to another financial entity.
The bank bosses told the committee that they would – however they later rolled back on that response.
https://www.facebook.com/sinnfein/videos/1124545744375853?sfns=0
The Central Bank code of practice does indeed state that “a loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower”.
It goes on to say that if a bank is to transfer a mortgage of one of its customers it must provide a statement containing sufficient information to enable the borrower to make an informed decision and give a clear explanation of the implications of a transfer.
“It must also set out how the transfer might affect the borrower. The borrower must be approached on an individual basis and given reasonable time to give or to decline to give his consent,” it adds.
Homeowners get letters in the door
December’s hearing of the Oireachtas Finance Committee also heard evidence that in the majority of cases, homeowners simply receive a letter from their respective bank informing them that their mortgage has already been sold or transferred to a vulture fund, and are given no say as to whether they agree with such a move.
Despite the code of practice being drafted by the Central Bank, the regulator has advised the government to oppose the Sinn Féin Bill.
It has “significant concerns on the terms of the Bill from a consumer protection, prudential supervision and financial stability perspective”, according to a government spokesperson, who added:
The banking industry also believes there would be many adverse outcomes attached to this Bill, including possibly reduced funding availability to banks, higher mortgage costs and a reduction in market attractiveness to potential new and existing participants.
It is argued each of these impacts would increase risks to financial stability and have major negative economic impacts.
The government believes the Bill would have “potential consequences for the mortgage market, financial stability and the economy” stating that they could be “so severe that they cannot be entertained”.
It adds that the likely consequence could be an increase in the number of repossessions by banks, adding that the Bill would also have implications for new mortgages, and “would increase the incentives to strategic default and, by increasing the risk levels of existing mortgages and the costs to the lenders, it would give rise to increased interest rates for those who hold Standard Variable Rate (SVR) mortgages”.
The government said it was opposing the Bill as it would make it almost impossible to facilitate securitisations which are used as a source of bank funding.
Backbenchers ‘squirming in their seats’ during today’s vote
A debate earlier this week heard from a number of politicians who appealed for the government to support the Bill.
Sinn Féin’s Eoin Ó Broin raised the personal case of one of his constituents to highlight its importance.
He said Maire and Sean are a married couple in his constituency in Dublin Mid-West.
“They both work, and they have worked their entire adult lives in modest wage jobs,” he told the Dáil.
“They get up early in the morning and they work hard, and they raised their now-adult son exceptionally well. In their entire life they had never missed a mortgage payment until Permanent TSB unreasonably hiked up their interest rates and put them into difficulty.
“What did they do? They did what any responsible mortgage holder would do. They engaged the banks immediately. They sat down with them, went through the mortgage arrears resolution process and came out on the other side of that with a split mortgage.
They have met every single payment under the terms of that agreement since it was reached. Their intention was always to return to full payments and eventually honour the full loan they took out to buy their family home. In November last, they contacted me at the time they were trying to see when they could return to full payments.
“They had received a letter from their lender to say their mortgage was due to be sold. They were not told to who, for how much or the consequences of that. That family have said to me repeatedly that they feel let down by their lender but also by the failure of the Government to protect them. They are now in a position where they simply do not know what will happen. Three months on, they still have not been contacted by their new lender and they are genuinely fearful that they could lose the home for which they worked so hard.”
Ó Broin said he had not heard any argument as to why the minister would not pass this legislation, adding he imagines many government backbenchers would be “squirming in their seats come today’s vote on the Bill.
‘Vulture lovers’
During the same debate, Independent TD Michael Fitzmaurice told the Dáil that Finance Minister Paschal Donohoe and Taoiseach Leo Varadkar are “vulture lovers”, adding:
Let us be very clear: if a bank sells on a mortgage, a vulture will not offer the borrower a split mortgage. That is the bottom line. Let no one cod themselves. They look for demand of money. Yes, a borrower who has one house and who is willing to get the hell out of it will probably get a write-down if the loan was bigger than the house is worth.
Mattie McGrath also hit out against the government and those in Fine Gael, claiming “the very people the Minister was elected to protect, the families behind these loans, do not feature in Fine Gael land”.
Referencing the PTSB mortgage sale mentioned earlier, he said the State bank (PTSB is 75% owned by the State) sold over 6,000 family home loans to an unknown entity.
“These were loans belonging to families that had been engaging with the bank, some of whom had never missed an agreed payment but again, the government did nothing. It sat there smugly and turned a blind eye. The government continues to sit there while family home loans are being sold of to unaccountable vulture funds, ignoring the suffering of families. Government members ought to be ashamed of themselves. They are not ashamed, but they ought to be.”
Finance minister defends government position
In defending the government’s stance, the Finance Minister said many of mortgage-holders impacted by this issue are in his own constituency.
However, he said mortgage arrears in Ireland have reduced, and also referenced the government’s Abhaile scheme, which aims to help homeowners who find themselves before the court. This week, a report found the scheme was not working as it should.
Mentioning PTSB, he acknowledged that “more could and should have been done for some but after years of effort to try to reduce that level of non-performing loans that is where the bank stood – a multiple of the European average, way ahead of where many other banks in Ireland have stood”.
It has been pointed out that a number of mortgages sold on by PTSB were not ‘non-performing’ yet still found themselves to be sold on with the loan book.
He added that the government’s view that the Bill would likely affect the financial interests of the State, and stated a Money Message would be required – this means that even if the Bill is passed by the majority in the Dáil it would effectively be blocked by government.
Commenting after the government’s defeat today, Doherty said:
Given the amount of banks now seeking to offload their mortgages to vultures it is imperative that this legislation now moves speedily through the remaining legislative stages and I have asked the Finance Committee to facilitate and early meeting to go through the legislative scrutiny.
Despite its opposition to my bill the government must listen to the will of the Dáil and allow this legislation to progress as speedily as possible.
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We give them 2 million, pocket change for the Saud family, who are blowing the schite out of them and trying to starve them to death!!
@Lord Clanricarde: Another good reason to boycott Saudi Arabia.
We can take in thousands of refugees and throw them in accommodation in roscommon, yet we’re throwing own own out of accommodation in apollo house. And Fitzgerald and zappone are mad to have them in, just put them far away from themselves plus any appropriate services in roscommon.
Yea the actaul problem is our gov has’t done very much either. They’d rather spend the money in saudi arabia. So what have you done great Lord, Master, whatever!
@Adrian: I’m not the one pretending to be Florence Nightingale old bean.
I don’t think giving two million to the Arabians is gonna bring down the price of our petrol but it might save an Irish persons life. (To whatever you call yourself, it seems to change every minute).
@Adrian: Yes, we’re helping the victims of unjust war and throwing criminals out of a building they’re trespassing in. I’m perfectly fine with that.
@OpenBorders:
Yea, enough of the virtue signalling old chap. I don’t remember any condemnation of the UK and US in the Dail, or anything remotely on that road. It might be pocket change but it is a little rich when we have more homeless than any time in our history.
@Marlowemallow: and the uk selling them the weapons such hypocrisy
5 year civil war that the west has tried to keep out of the news while Saudi Arabia has been bombing the place to smithereens. Meanwhile the British and rest are selling arms in droves to the Saudis to bomb Yemen. Some hypocrisy going on. War crimes also meant to be happening frequently but sure that’s grand to the west .
That’s about five times you changed your name now!
European Union has us by the balls
@OpenBorders: how the hell are you allowed to commnt here? You must be in the hundreds of accounts created to soread your b/shit here. Get a fckn life.
@OpenBorders your trolling game is poor, really poor! Do step up!
Really? Your Mom loves my comments.
Amazing how they can just pluck millions out of nowhere when they want to.
They have the money. It’s just where they decide to spend it. If it’s compensation for flooding victims, they’ll create some burocracy and say nobody’s eligible! It’s a joke.
When are the Saudis and their British backers going to be called before a Daily committee as they did with the Russians.
@PaulJ: Friday week.
So Saudi flag at half mast one day, 2 million donation to Yemen another day. As a country we need to grow some balls.
That should read state flags.
Half mast flag for a British puppet King and a regime that has no respect for women at the least, and didn’t our female President visit this Saudi desert once, and allow herself to be segregated. At least she got a pat on the back… Only in Ireland.
@Nazerene: If you hate Ireland so much just leave, I’ll drive you to the airport.
Yer alright, I’ll pass odds on it’ll be a VBIED with a bit of Snackbarring thrown in.
@OpenBorders: Whatever the truth to your identity, you are definitely a troll; and you’ve definitely posted comments here before. Why change your name?
People who are poor here are not as important as the poor abroad it seems
Yep its a twisted seance of priorities.. The magnanimous actions are to show the world and especially the EU that Ireland has its shit together.. if only they knew.. record trollies n record homeless, fekin disgrace..
There is no comparison to the poor here and the poor abroad. No one in Ireland is dying of hunger or exposure. No one in Ireland is in fear of their life. No one in Ireland suffers daily persecutions. Give them all the help they need.
@Cian Martin have you just arrived on the Bulls hit train??
@Mary Murphy: Cian’s on the logic train Mary, you’re on the zero empathy train.
Its admirable to have empathy, but grand gestures are for those who can afford it. Of the 190 other countries in the world together with the United Nations then logically there will be no shortage of helpers.. Whats required hear is some realism not the usual neoliberal ‘getting off on ones own magnanimity’ kinda trip.
Charity begins at home
It can’t be both?
It definitely can be both but to put it in simplistic terms if you had €5 you could afford to give away and your Mam needed it or the bloke that lives down the road needed it who would you give it to
No .. home first .
@Peter keogh: ‘Charity starts at home.’
Sigh, there’s always one. Such a mundane and meaningless contribution, and your analogy is even worse.
And open borders is such prophetic thought inducing handle,p”ss of I see your contributions here daily your a sad troll
@Peter keogh:
But….The oul lad lives in 38……..WHY DID YOU HAVE TO BRING THIS UP!!!!
:(
@charlie-sorry didn’t mean to take you back to such a dark place,remember it doesn’t matter who got custody of you they both still love you very much
It’s desperately needed humanitarian aid not charity, the people are starving over there. Even when we’re struggling ourselves we can still help those who need it the most, that says a lot about us.
@OpenBorders: Oh look, it’s our very own Mrs Jellyby
Good ol Ireland sending aid to places like yemen when the UK, France ,Germany,US etc are selling the weapons that their ally Saudi Arabia,member of the U.N. then uses to enforce their regime on anyone who resists. Saudi and Turkey who are supported by western governments are themselves supporting factions who hate the west. As more people come to realise this I wonder how much longer will people allow this to continue.
As long as the oil flows Saudi can two finger the west and blow the shit out of any other middle east state to impose its version of Islam.
This is all down to a misunderstanding after one of Enda’s assistants got the wrong end of the stick after catching the tail end of a phone call. Enda actually said “send a couple of million to yer Man”.
Is this a Saudi sponsored article?
@Nazerene: No.
Hi Liam, new account I see, I see you stint in Saudi didn’t go so well care to elaborate?
@Nazerene: Finally lost it have you pal?! Ha ha!!!
Liam Egan becoming a slur is just want the terrorists want…
@Charlie Fogarty: Who is Liam Egan? Dare I open the blog post Nazarene has shared?
@OpenBorders:
Worth a look. A self-proclaimed Getafix but more the Unhygienix type tbh.
@nazerene-thats f”ckin crazy any other proof that open borders and him are the same person
@Charlie Fogarty: I know at least two other commenters who have claimed that peter keogh is this Liam Egan chap from Wexford, but nobody seems to have provided any evidence. Although with the protected Twitter account you’d wonder.
The two of you commenting one after another .. saying exactly the same things as the last accounts . . Funny really ..
One person with a few accounts. ..
@suzie I think that’s what is going on anybo
@suzie thats what i think he is doing anybody who bothers their ars” to donthat is a fully signed up card carrying whack-job how he finds the time to do it ill never know not with all the windows he has to lick
Peter .. that’s what he does .. one had to feel sorry for him that he has to open another account in order to make it look like someone is agreeing with him ..
@Nazerene: In the same way as Salafism or Wahhabism???
Sending 2 Million for what. That money will only dissolve away once it hits Yemen. I could think Of many things that 2 million would have done here in Ireland for the public and people in need.
@TTGxWeeD: I think we’ll pass on your advice thanks, somehow I doubt you have a clue abut what’s going on in Yemen based on that populist comment.
That just silly calling my comment “populist” Sir. What’s your advice so? Give them more then 2 mill? While we’re at it we will send them a pot of gold too! Yeah we’re sending them millions while the Saudis backed by the us and the rest bomb the shit outta them since the uprising afew year back. While everyone acts like the Saudis are Civilised people. We’re you ever in saudi
@TTGxWeeD: You made your comment to run with the mob and get green thumbs, that’s why it’s populist.
@OpenBorders: While your true colours are hidden behind a slew of deliberately provocative slurry. Not get enough attention as a child? Or too much of the wrong attention?
As long as Irish people are living on the streets and waiting hours on hospital trolleys, stop these mindless donations abroad.
@Martin Flood: What are you doing about the hospital crisis and to help the homeless?
Of all the money Ireland gives to other countries how much did we receive in aid , when the “bubble burst “? How many of our elderly who endured a hard life are lying on trollies at the minute? How many people across Ireland are lying on the street cold ,hungry , with no were to go at the minute?
@miss fee: What are you doing about it?
Open Borders is that you Liam Egan ? aka Petr ,, Tariq etc fair play you never give up
Typical government help Muslim foreigners in middle east, turning their back on their own national irish citizens which are looking for support and home. What a waste this irish government.
@joseph-I don’t agree with it either but that’s probably a bit of an overstep
Giving €2 million to Yemen is the least we can do Our people at home are not without support……We have one of the most generous social welfare systems in Europe…Much more generous than England for instance….I do think government could try to help Christians more in the middle east……. They are beingf attached on regular basis now by Muslim brotherhood in Egypt for instance …..The €750 million we give in foreign aid each year should be increased
@Peter keogh: The Irish state has NO authority to spend our money on humanitarian disasters caused by the USGOV. If you want to help people in Yemen, put your hand in your pocket.
@cathal- As our elected officials they do have the right but I agree with you that if people want to help they should out of their own pockets,but I think we are obliged to give a % of our GDP to foreign aid we should cut that % until we sort our hospital and homeless crisis etc out
The cost of living in England, and medical care, is far less than it is here, though, John003. Better to contrast TD salaries and expense accounts.
Shame we don’t look after our needy first.
@Ciaran Maher: Zzzzzzz.
And our hospitals are bursting at the seams with people on trolleys. .
@Rebecca Keyes: The Choctaw Indians, on the verge of genocide in North America, send money to help the Irish victims of The Famine, and you’re moaning about hospital trolleys, you could learn a thing or two from the Choctaws.
@open borders-how did the choct
@open borders-how did the choctaw go about sending money in 1845 and what currency would native americans be using at that time
@Peter keogh: They raised $170, the equivalent of tens of thousands of euros in today’s money. I presume they sent it much the way everyone did back then Peter.
@open borders-quoting the Irish Central as a source is the equivalent of quoting the daily mail as a factual source.Im done goodluck your a clown but I’m an even bigger mug for interacting with you
@Peter keogh: Eh, there’s a photo of the sculpture in Cork from the Irish Examiner in the article, erected by the people of Cork to honour the Choctaws, are you saying none of it ever happened and that the Irish Examiner photoshopped the monument? Strange allegation by you, I think you’ll find you’re the mug.
@open borders-so the Irish central said and used a picture from the examiner as confirmation nor exactly a peer reviewed study then is it
@Peter keogh: you are a dose Liam / peter! http://www.irishexaminer.com/lifestyle/features/a-famine-time-kindness-repaid-in-cork-to-native-american-indians-315377.html
@Peter keogh: If you’d actually read the article Open Borders posted, of a story that is well known to historians, you would have seen the Examiner’s original article.
Google it, Peter. Google it ffs.
@tom I’m not denying that their isnt an article about I’m saying it didn’t happen because if it did their would be a peer reviewed historians article about it not some nonsense in Irish central
After the UK and US sells all the weapons that the Saudis use to kill these victims with because it is another sectarian war fuelled by Saudi Arabia?
The Saudis have already paid out almost this on the blood money they gave after they blew up 150 people at a family celebration which is apparently not a war crime
You posted this yesterday.
And a couple of days previously. Cynical attempt to increase clicks by running stories that tend to polarize opinions and bring out the worst in some.
Since Saudi has total control of the waters surrounding Yemen, and has a total naval blockade on the country, which is contributing to the starvation on the civilians, how will this 2M make it to them, PayPal? Will Noonan personally deliver it via our Naval /Ferry service maybe? And how can the government be sure these funds don’t get to Houthi rebels or any other head hacking group??
More money for suits to make a living out of.
The Yemeni people won’t see a penny of it
Shame on our government…look after your own people
We have our own Civil war… The Government V’s The ordinary decent people of This country!! Bail out the homeless Irish ppl of this country before we line the pockets of corrupt officials in foreign Lands!!
Media Silent As US-Backed Saudi Forces Starve Half Million Yemeni Children
The United Nations warned that 8,000 children could suffer from severe malnutrition in 2016. And that’s just in one southern Yemeni city.
The situation was so dire nationwide that, in June, the U.N. reported “that at least six million people in Yemen are in urgent need of emergency food and life-saving assistance, a new United Nations (UN) investigation has found … 10 out of Yemen’s 22 governorates are facing an ‘emergency level’ food security situation amid the ongoing conflict, including major areas like Aden, Taiz, Saa’da and Al Baida.” In July, Oxfam reported that the number of starving people in Yemen had topped 6 million — nearly half the country’s population of 13 million. Aid workers are struggling to reach the needy, with the World Food Programme reporting that it had served 3.5 million Yemenis by August.
http://www.mintpressnews.com/213003-2/213003/
@Pat O’Dwyer: Why should Ireland have to pay for this wanton destruction ? We must remember that the Saudi air force is completely dependent on US and UK logistics and is inoperable without their support. This includes coordination of bombing targets, refueling in the air by the US air force etc.
” US Backed Coalition Purposely Starves 14 MILLION Yemeni Civilians
As reports repeatedly surface regarding Saudi Arabia’s deadly actions in Yemen, the media continues to largely ignore the blatantly horrific aggression being launched on Yemeni civilians by a U.S. ally.
But as recently as October 30, 2016, the Guardian reported the U.S.- and U.K.-backed Saudi coalition delivered an air strike on a prison complex in western Yemen, killing at least 58 people. The victims were mostly prisoners who were serving sentences for low-level offenses.
Attacking prisoners with sophisticated weaponry is one of the lowest forms of barbarism possible given the fact prisoners are trapped inside with no means of escape.
This event follows a recent Saudi attack on a Yemeni funeral that killed over 140 civilians and injured well over 500 others in what was aptly dubbed a “lake of blood.”
http://anonhq.com/media-silent-us-backed-coalition-purposely-starves-yemeni-civilians/
@pat-you replied to yourself you mad c”nt this site is destroyed with trolls with multiple accounts.I only came back to the comment section after being away for 2 or 3 years their was less contributions in the comments but their wasn’t any of this s”it
The accounts, Diarmuid, Dick Cheney, Tariq, Petr Tasarov, Francis McCarthy, Jester Von Doom, Joey Westland, Peedur Dante, Open Borders, to name but a few are all the one troll, or the troll and his missus, it likes to reply to itself as you can see in this thread and others, but the new accounts are always a giveaway.
Liam Egan from Gorey Co Wexford a convert to Islam is behind these accounts as he tries to justify Islamism , he belongs to the Muslim Brotherhood mosque in Clonskeagh
Why ????
I’m all for giving to the less fortunate and all that but how much of the money actually reaches the country in need to actually buy food & shelter for the people?
This war is about pleasing the Israeli lobby who see the Houthis as pro-Iranian.
No where near enough
How did we get to a situation were we elected politicians who set up a climate change office and gives vast sums of our money to countries and people we never heard of? We tried to elect a government that would look after us, provide hospital care, keep the old and young warm in winter, Save us from investment sharks. Some voted independent. What did we get?
Massive payments to Robert Mugabe through the Paris climate fund to build another palace.
Pouring our money into foreign black holes.
30 billion of unassessed wind farms and pylon which copy “Cash for Ash”
Carbon Taxes on our winter fuel to kill us from the cold.
Dail condemnation of Donald Trump and an attempt to interfere in the US presidential election.
So what benefit to us did our vote bring. You can’t stop them doing it, but you can stop them doing it with your vote. Don’t vote, stay at home next election day
‘Sold’ by Zana Muhsen
Its not a civil war!!!
sure what 2 million we they irish tax payer last year handed over 360 million per annum, plus an extra 31 million to uganda, and now we are taking in refugees bringing them to small town 80 in total ops sorry it now 200 with no jobs, no english, they will be looking after healthcare. housing, cars etc, all paid by the state,there will be a thousand by the end of the year spread accross the country according to a junior minister, we are a country that just keeps giviing!!!
That’s great giving to charity but by jayus that €2 million would got a hell of a lot further at home here in Ireland.
Well as an Irish nurse living and working in Yemen I am delighted with the donation. Fair play Charlie.
@Debbie Gallagher: if you working in yemen you will fit in nicely after leaving the irish health system!
@Stephen Finn: This is true. I would rather work in war torn Yemen than in the Irish health care system! I agree with the donation but I can understand why people are against it. Nothing is black and white in this situtation. It does make me proud that Ireland are trying to help people living in conditions that I cannot even begin to describe. while our UK neighbours, the US etc are supporting this war. Of course the politics of this are immensely complex but the fundamentals remain the same. Supplying weapons = bad. Donation = good!
From one third world country to another. Crazy
Throwing verry hard earned money into a bottomless pit
have your say