The Mayor of Clare has called on members of the public to retaliate against any bank that raises mortgage interest rates by withholding mortgage payments, withdrawing bank savings and demanding that employers provide all wage payments in cash.
Councillor Tony Mulcahy said the actions should be taken if Minister for Finance Brian Lenihan, T.D., does not impose a moratorium on interest rate hikes by Friday, April 30th 2010. The Mayor confirmed he would be presenting his motion at this coming Monday’s monthly meeting of Clare County Council.
He added that the recent spate of interest rate hikes by AIB and Bank of Ireland was unsustainable for mortgage holders who were “paying on the double” for the recapitalisation of Irish financial institutions.
The Mayor pointed out that his call for retaliatory measures to be taken against banks was not politically driven but instead borne out of growing public anger over what he described as “the banking sector’s complete disregard for the Irish taxpayer and the Irish economy”.
“The fact that Bank of Ireland’s latest mortgage interest rate increase follows just 24 hours after the European Central Bank announced it was keeping euro zone interest rates unchanged at 1%, is nothing short of scandalous. Furthermore, it is an insult to every taxpayer in this country that Bank of Ireland has announced the move in a week when the bank's initial tranche of commercial property loans were transferred”, commented Mayor Mulcahy.
He continued: “The Bank’s claim that the cost of funding mortgages has become increasingly costly is an insult to taxpayers who are footing the bill for the recapitalisation of the banks. In essence, taxpayers are paying on the double while the unregulated financial institution merry-go-round starts to spin again. These Banking institutions have bled this country dry and should not be allowed to continue their reckless behaviour, whether that is through Government intervention or the measures I am proposing”.
The Mayor added: “A Facebook page, ‘Punish The Banks’, has been established for anyone wishing to join my call for Minister Lenihan to impose a moratorium on any further interest rate increases. I would urge members of the public to join this campaign and send out a message to the Government and our Banks that we will not tolerate any further interest rate hikes”.
“I too am a mortgage holder and tax payer who is fed up of banks profiteering from the very people who bailed them out. Protest marches and token commentary do not make a blind bit of difference to how our banks operate. The only way of making them sit up and listen is to stop the cash flowing through the banking system”, concluded the Mayor.
Councillor Tony Mulcahy said the actions should be taken if Minister for Finance Brian Lenihan, T.D., does not impose a moratorium on interest rate hikes by Friday, April 30th 2010. The Mayor confirmed he would be presenting his motion at this coming Monday’s monthly meeting of Clare County Council.
He added that the recent spate of interest rate hikes by AIB and Bank of Ireland was unsustainable for mortgage holders who were “paying on the double” for the recapitalisation of Irish financial institutions.
The Mayor pointed out that his call for retaliatory measures to be taken against banks was not politically driven but instead borne out of growing public anger over what he described as “the banking sector’s complete disregard for the Irish taxpayer and the Irish economy”.
“The fact that Bank of Ireland’s latest mortgage interest rate increase follows just 24 hours after the European Central Bank announced it was keeping euro zone interest rates unchanged at 1%, is nothing short of scandalous. Furthermore, it is an insult to every taxpayer in this country that Bank of Ireland has announced the move in a week when the bank's initial tranche of commercial property loans were transferred”, commented Mayor Mulcahy.
He continued: “The Bank’s claim that the cost of funding mortgages has become increasingly costly is an insult to taxpayers who are footing the bill for the recapitalisation of the banks. In essence, taxpayers are paying on the double while the unregulated financial institution merry-go-round starts to spin again. These Banking institutions have bled this country dry and should not be allowed to continue their reckless behaviour, whether that is through Government intervention or the measures I am proposing”.
The Mayor added: “A Facebook page, ‘Punish The Banks’, has been established for anyone wishing to join my call for Minister Lenihan to impose a moratorium on any further interest rate increases. I would urge members of the public to join this campaign and send out a message to the Government and our Banks that we will not tolerate any further interest rate hikes”.
“I too am a mortgage holder and tax payer who is fed up of banks profiteering from the very people who bailed them out. Protest marches and token commentary do not make a blind bit of difference to how our banks operate. The only way of making them sit up and listen is to stop the cash flowing through the banking system”, concluded the Mayor.
