Brian Hayes MEP "Variable rates charged by Irish banks a disgrace"

[Brendan Burgess]

http://www.irishtimes.com/business/...arged-by-irish-banks-are-a-disgrace-1.1996208

He cited France, Belgium and Germany as countries where banks “lend slightly above the ECB rate for a period of 10 years so that people would have that certainty”....

He said SVRs in Ireland were a “disgrace compared with the rates that exist with other banks in continental Europe”.
“The banks will say it’s subsidising the trackers, which are loss making. The reality is that we need a bigger resolution on the tracker issue and I think there’s still a role for the ECB, especially under the asset-backed securities programme where we could look at what [broken link removed] described as mezzanine funding where the trackers could be moved to the balance sheet of the ECB.

 

[barneyg]

Mr Hayes was the junior minister at the Dept of Finance until the recent Euro elections. I wonder was he as concerned about this issue when he might have been able to have had some influence?

 

[Brendan Burgess]

Hi barney

To be fair, this issue was not on the radar much until a few months ago when I found that the Central Bank were deliberately misleading people about SVRs in Ireland.

Brendan

 

[cormacol]

While rates in ireland are high they seem low relative to unsecured lending- given the time and cost involved in repossession this needs to be factored in.

Mr Hayes is an average politician....

 

[Gerry Canning]

Again this morning the UK Regulators have found and heavily fined major Banks for wrong doing on Foreign Exchange transactions.
Previously these Banks were hammered on PPI and other matters.
Indeed has there been even ONE month were the UK Regulators have NOT taken their Banks to task?

I find it revealing that the reason the UK Regulator fine them quite heavily is that the Regulator considers that their thievery puts the integrity of UK financial system at risk.

In Ireland ,our Banks have in too many issues acted poorly and with the implicit connivance of our Regulators.
We can have campaigns from the little man (Joe Public) on SVR rates , ppi, etc but without the Regulators/Government/Politicos taking hold of Bank shenanigans we will not get far.

We allow ourselves to plead (banks must make profit) (banks are in a bad way)(they need extra to cover arrears/repo cases)

Please ask yourself if you were the one being charged circa 2% more than seems reasonable to cover mostly Bank mis judgments , would you permit it?

Please ask yourself if you were the one took out insurance on Heart Attack with them and found they applied todays knowledge of heart attacks to not pay out , would you permit it?

Please ask yourself if in UK Banks have paid out so far euro 23 Billion on PPI stealing ,yet you can,t get your stolen money back , would you permit it?

What other consumer service would you permit to treat you with such disdain?
I read other consumer type issues on AAM and boy do people get exercised.

What is it with Banks that we permit ourselves to still give them the benefit on issues?

It is NOT fair that Brendan & all should even have to get a campaign going.