Time for the Banks to Play Ball

I am calling on Irish banks to implement a policy that allows customers to move from fixed to variable mortagages.

Tens of thousands of people are paying fixed rate morgages at 5.5% or higher when mortgages can be secured for 4% of lower.

Customers must be allowed to benefit from lower interests rates and it is the responsibilit of the banks to help people through this recession.

I have seen mortgages advertised at a level of 3.5% recently. We all know the tough economic climate that we live in makes it very difficult for many people to match their mortgage re-payments.

It is in the interest of the banking sector that it takes care of its customers during these recessionary times. Not enough information is given by Irish banks to customers of the benefit that could accrue to switching mortgages from a fixed to a variable rate.

In a spirit of solidarity, and taking into account the support the state is now giving Irish banks from taxpayers monies, the banking sector itself must demonstrate to the people of Ireland that it is willing and able to help people through this recession.

One such policy change, which would reduce monthly payments for mortgage holders is to initiate a policy that facilitates customers to pay their loans at variable and not fixed rates.

"We can't just hope for the best, we have to fight for it"

Vote 1 Eoin Ryan MEP - Fighting for Dublin in Europe