"Minister Noonan has not asked the banks to reduce variable rates" - Indo

I received an email from Minister Noonan today re vmr. It outlined all the various options available to people after policy changes by banks. A whole load of crap as usual. This guy doesn't want to know the reality of the situation for customers.
 
The ECB meeting yesterday decided to cut the deposit rate that banks get to minus 0.3% from minus 0.2% which should encourage banks to lend instead of hoarding.It should help to keep lending rates subdued for a longer period.
Any chance of Minister Noonan waking up and finally putting pressure on the banks to reduce the rip off SVR mortgages.
 
An organised campaign leading to a month where no pays back mortgages that would put pressure on banks.
 
Seamus,the problem with your suggestion is we would all end up with a tarnished credit record if that has not already happened.
The format of a planned campaign is what needs to be agreed and before the general election.
 
I wonder what Michael Noonan will have to say re secret bonuses being paid to ptsb staff. I'm not surprised but in light of their continued treatment of vrm holders this is sickening.
 
Mr Noonan, Central Bank , Ombudsman and the rest will do all and everything to ensure Banks are profitable , you the SVR people are caught in this.
Unless you strongly tell your Td,s that this needs sorting now before an election , you can whistle for it afterwards!

Am told there are 300,000 Svr mortgages = a lot of votes.
 
I've emailed tds and minister regularly as I did this morning when I saw the report on ptsb bonuses. I will not let up on my protests.
 
Now is the time to let Minister Noonan know we had enough.We must organise and show strength.As the late John Healy said "nobody shouted stop"
Its all about votes from now until election day so let's have suggestions.
 
We need away to reach those 300,000 svr customers, that is the key.

If they could be shown what is at stake in terms of real money then the strength of all the votes could be put to good use.
 
demoivre said:
I see onebigswitch are getting involved. However the problem with switching banks for a mortgage is that many people can't switch because of arrears, negative equity and/or shot credit records.
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Can't see it doing any harm, I've signed up with them, maybe it will help to bring all those who can't switch together and they can effect change by using their vote.

Their is strength in numbers. Any process that can bring everyone together should be welcomed.
 
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Thanks for you post. I just registered with one big switch. The more pressure the better. Can't wait for the boys and girls to come knocking on my door looking for votes. These guys gave themselves a big rise two weeks ago through a vote passed during a late night sitting. Nerve of them.
 
Yes good idea to register with onebigswitch but we need numbers to get our campaign launched with a clear focus.
What do people think?
 
Clonback said:
Yes good idea to register with onebigswitch but we need numbers to get our campaign launched with a clear focus.
What do people think?
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It would be interesting to get updates on how many have signed up, it would be very powerful to be able to communicate with all of the mortgage holders that are effected.
 
Information re how many signed up with be a good idea. Knowledge is a powerful tool and Information like that could be used when protesting to tds by email.
 
AAM & Brendan in particular is well known to Government.
Suggest when you write attach your AAM postings, (I assume Brendan won,t object)
 
Brilliant idea. I signed up and will urge people with svr that i know to sign up also. I only hope they publicise it enough so it becomes visible enough, a focal point for all captive customers so that the numbers are there. Like you guys I am sick of writing to minister Noonan's office and receiving copy-pasted meaningless emails from him and my local TDs.

On another thread I calculated that from a hypothetical 300K mortgage with 4.5% extracted from customers and when the BOI itself can borrow at 0.7% short-term, the bank extracts 120K in interest in first ten years while paying only 12K for the same amount or so. Well, maybe they pay a bit more if they have to borrow at over 0.7%, and pay for bad debts, but the difference is huge. When I signed for svr in 08, it was 1.2% over ecb base rate, and it was never higher than 1.6% or so until 2010. And now it is 4.45% over. I simply cant take this anymore.
 
How many people to OneBigSwitch need - switching mortgages is a lot more complex and time consuming than switching electricity supplier. Half the signees may not actually be able to switch due to negative equity, arrears, changes in personal circumstances etc and half the rest may baulk or get bored at the amount of documentation they need to assemble.
 
I think if OneBigSwitch can show what is at stake to mortgage holders. For example a 1% decrease would save x a month, I think that would help most people overcome the obstacles.

We need a way to gather everybody together and reward good banks who treat there customers well and with respect.
 
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