PBP Bill wants to cap mortgage interest rates at 3%

[Brendan Burgess]

I will be discussing it with Richard Boyd Barrett on Newstalk Breakfast just after 8 am tomorrow

People Before Profit Bill To Cap Mortgage Interest Rates – People Before Profit

www.pbp.ie

Cost of living pressures have been increased by massive increases in interest rates.
Average mortgage interest repayments increased by 51.3% in the year to August 2023. This has added a new dimension to Ireland’s housing crisis.
Meanwhile, banks are recording massive profits that are nothing short of scandalous. AIB, Bank of Ireland and PTSB made €4 billion in the first six months of 2023.
This is because of the almost €60 billion they have on deposit with the ECB, while failing to pass on the interest rate rises to depositors.
They have shown no such hesitancy with hitting mortgage holders with extra payments of hundreds of euros a month.
This is another example of an industry taking advantage of the cost of living crisis to engage in gross profiteering.
Secondly, the government should cap mortgage interest rates at 3%, to stop the rip-off of hard-pressed households.
The banks are making enormous profits and should be made to absorb the cost of capping mortgage interest rates. They can well afford to.
To put pressure on the Government to act, People Before Profit are introducing the Mortgage Interest Rates Cap Bill 2023 in the Dáil.
If passed into law, it would force the banks to cap mortgage interest rates at 3%, and to absorb any costs arising by reducing their massive profits.
The profiteering must stop. The Government must act. Cap mortgage interest rates at 3% now!

 

[Zion2022]

I will be discussing it with Richard Boyd Barrett on Newstalk Breakfast just after 8 am tomorrow

People Before Profit Bill To Cap Mortgage Interest Rates – People Before Profit

www.pbp.ie

Cost of living pressures have been increased by massive increases in interest rates.
Average mortgage interest repayments increased by 51.3% in the year to August 2023. This has added a new dimension to Ireland’s housing crisis.
Meanwhile, banks are recording massive profits that are nothing short of scandalous. AIB, Bank of Ireland and PTSB made €4 billion in the first six months of 2023.
This is because of the almost €60 billion they have on deposit with the ECB, while failing to pass on the interest rate rises to depositors.
They have shown no such hesitancy with hitting mortgage holders with extra payments of hundreds of euros a month.
This is another example of an industry taking advantage of the cost of living crisis to engage in gross profiteering.
Secondly, the government should cap mortgage interest rates at 3%, to stop the rip-off of hard-pressed households.
The banks are making enormous profits and should be made to absorb the cost of capping mortgage interest rates. They can well afford to.
To put pressure on the Government to act, People Before Profit are introducing the Mortgage Interest Rates Cap Bill 2023 in the Dáil.
If passed into law, it would force the banks to cap mortgage interest rates at 3%, and to absorb any costs arising by reducing their massive profits.
The profiteering must stop. The Government must act. Cap mortgage interest rates at 3% now!

You should take him by surprise and argue for a 2.5% cap. 3% is clearly an exorbitant rip off rate for hard pressed household…

I often wonder with people like Boyd Barrett, do they actually believe half the stuff they say or is at all just playing their part. I guess we’ll never know.

Best of luck, I don’t think I’d have the patience for what is likely to unfold if I was you.

 

[Protocol]

The whole point of monetary policy is that changes to the ECB rates pass through and affect the real economy.

Increasing interest rates is meant to cause a slowdown of economic activity.

By capping retail mortgage rates, contractionary monetary policy would be hampered in its effectiveness.

I wonder what the ECB would think of this proposal?

 

[CorkHome2022]

Boyd Barrett obviously does not know how mortgages are funded .

 

[charlie007]

In fairness to Boyd Barrett and his ilk this is quite consistent.
They simply want to cap everything for the 'hard pressed households' and to hell with employers??

 

[Blackrock1]

I will be discussing it with Richard Boyd Barrett on Newstalk Breakfast just after 8 am tomorrow

People Before Profit Bill To Cap Mortgage Interest Rates – People Before Profit

www.pbp.ie

Cost of living pressures have been increased by massive increases in interest rates.
Average mortgage interest repayments increased by 51.3% in the year to August 2023. This has added a new dimension to Ireland’s housing crisis.
Meanwhile, banks are recording massive profits that are nothing short of scandalous. AIB, Bank of Ireland and PTSB made €4 billion in the first six months of 2023.
This is because of the almost €60 billion they have on deposit with the ECB, while failing to pass on the interest rate rises to depositors.
They have shown no such hesitancy with hitting mortgage holders with extra payments of hundreds of euros a month.
This is another example of an industry taking advantage of the cost of living crisis to engage in gross profiteering.
Secondly, the government should cap mortgage interest rates at 3%, to stop the rip-off of hard-pressed households.
The banks are making enormous profits and should be made to absorb the cost of capping mortgage interest rates. They can well afford to.
To put pressure on the Government to act, People Before Profit are introducing the Mortgage Interest Rates Cap Bill 2023 in the Dáil.
If passed into law, it would force the banks to cap mortgage interest rates at 3%, and to absorb any costs arising by reducing their massive profits.
The profiteering must stop. The Government must act. Cap mortgage interest rates at 3% now!

good luck brendan,

usual nonsense from him and his ilk, argue for something you know isnt possible but that will sound good to the misinformed.

Rinse and repeat

 

[Bronte]

I often wonder with people like Boyd Barrett, do they actually believe half the stuff they say or is at all just playing their part. I guess we’ll never know.

It's populist nonsense.

He might as well argue that banks should be owned by the government.

 

[Brendan Burgess]

He might as well argue that banks should be owned by the government.

The interviewer said something like that "Ah, you want all the banks nationalised?" but I did not hear his answer to that.

 

[Bronte]

The interviewer said something like that "Ah, you want all the banks nationalised?" but I did not hear his answer to that.

The likes of him never stop whinging. It all sounds great this nirvana that the want. Most of the time it's complete nonsense. But they are never going to be in a position to implement anything they propose so they can constantly sound marvellous on the radio about what should be done

How about asking him how and when the 3 % plucked from thin area should be regulated, when it should apply and when it should go up and down. And who should administer it.

Also where has this cap been successfully achieved.

Presumably you were brought in as the 'baddie' to his 'goodie'. For the balance.

 

[Brendan Burgess]

Presumably you were brought in as the 'baddie' to his 'goodie'. For the balance.

Not at all, I was brought it to explain why it was not a good idea.

But I would guess that the interviewer saw it for the nonsense that it was. I did not feel like a baddie.
Brendan