Enda Kenny threatens banks on mortgage debt forgiveness for homeowners –


TAOISEACH Enda Kenny has warned he is unhappy with the pace at which the banks are engaging in debt forgiveness with homeowners in mortgage distress.

Mr Kenny threatened to bring in new laws to force the banks hands if the Financial Regulator asked for extra powers.

The Taoiseach also said homeowners would have the use of a Personal Insolvency Bill soon.

He said if the banks did not engage with customers, then homeowners would have legislation behind them to allow debt forgiveness and writedowns.

“It’s not a case of standing by while this boils over,” he said.

Mr Kenny said the banks had been called into the high-powered Economic Management Council and told “in plain English” that they had to speed up the pace of debt forgiveness.

The Taoiseach came under pressure in the wake of one of the most senior regulators in the Central Bank criticised the banks’ attitude to the mortgage crisis.

Dealing with the banks is like dealing with troublesome teenagers, the Central Bank’s director of bank supervision Fiona Muldoon said.

She said banks were in denial about the extent of the mortgage crisis, and were refusing to come up with realistic solutions.

Earlier, Social Protection Minister Joan Burton claimed banks were keeping the cash given to them by the taxpayer for loans, rather than lending to businesses and families.

Ms Burton said the banks were given money to boost their balance sheets and allow them to lend.

“Banks are conserving their capital, rather than lending to business and housebuyers,” she said on RTE‘s Today with Pat Kenny.

She also once again hinted at a cut in child benefit payments.

The minister said she was “going to do my best” to protect basic weekly social welfare payments, such as the pension and dole.

But she again failed to say child benefit won’t be cut in the Budget.

Ms Burton said she wanted to take a look at the services available for children.

The minister spoke about school meals schemes and book loans, but appeared to rule out giving food vouchers instead of cash.

She said she preferred the taxation model for child benefit, but this wasn’t possible, and was also examining a top-up system for low income families.

“This has to take place over a number of years,” she said.

“What we need to do is the best thing that brings the best outputs to those in poverty,” she added.

An in-house group in the Department of Social Protection has recommended a cut to the €140 monthly child benefit payment of €40, with top payments for families living in poverty.

via Enda Kenny threatens banks on mortgage debt forgiveness for homeowners – National News – Independent.ie.

via Enda Kenny threatens banks on mortgage debt forgiveness for homeowners – National News – Independent.ie.

About Old Boy

Love the past and the future but live in the present

Posted on October 18, 2012, in Government and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

MovieBabble

The Casual Way to Discuss Movies

OLD HOLLYWOOD IN COLOR

...because it was never black & white

LEANNE COLE

Art and Practice

CURNBLOG

Movies, thoughts, thoughts about movies.

FilmBunker

Saving you from one cinematic disaster at a time.

From 1 Blogger 2 Another

Sharing Great Blog Posts

Wonders in the Dark

Cinema, music, opera, books, television, theater

Just Reviews

Just another WordPress.com site

Mark David Welsh

Watching the strangest movies - so you don't have to...

conradbrunstrom

Things I never thunk before.

News from the San Diego Becks

The life and times of Erik, Veronica and Thomas

The Silent Film Quarterly

The Only Magazine Dedicated To Silent Cinema

Leaden Circles

First a warning, musical; then the hour, irrevocable. The leaden circles dissolved in the air.

My Archives

because the internet is not forever

CineSocialUK

Up to the minute, fair, balanced, informed film reviews.

PUZZLED PAGAN PRESENTS

A Shrine to Pop Culture Obsessiveness. With Lots of Spoilers

Thrilling Days of Yesteryear

“Nostalgia isn’t what it used to be” – Peter DeVries

thedullwoodexperiment

Viewing movies in a different light

Twenty Four Frames

Notes on Film by John Greco

Suzanne's Mom's Blog

Arts, Nature, Family, Good Works, Luna & Stella Birthstone Jewelry

It Doesn't Have To Be Right...

... it just has to sound plausible

NJ Corporate Portrait Photographer Blog

The life of a corporate portrait photographer who likes to shoot just about anything.

arwenaragornstar

A French girl's musings...

Jordan and Eddie (The Movie Guys)

Australian movie blog - like Margaret and David, just a little younger

Octopus Films

A place for new perspectives on films, TV, media and entertainment.

scifist 2.0

A sci-fi movie history in reviews

The Reviewer's Corner

The Sometimes Serious Corner of the Internet for Anime, Manga, and Comic Reviews

First Impressions

Notes on Films and Culture

1,001 Movies Reviewed Before You Die

Where I Review One of the 1,001 Movies You Should Watch Before you Die Every Day

Movies Galore of Milwaukee

Movie Galore takes a look at Silent films on up to current in development projects and gives their own opinion on what really does happen in film!

The Catwing Has Landed

A Writer's Blog About Life and Random Things

mibih.wordpress.com/

Anime - Movies - Wrestling

Gabriel Diego Valdez

Movies and how they change you.

The Horror Incorporated Project

Lurking among the corpses are the body snatchers....plotting their next venture into the graveyard....the blood in your veins will run cold, your spine tingle, as you look into the terror of death in tonight's feature....come along with me into the chamber of horrors, for an excursion through.... Horror Incorporated!

Relatos desde mi ventana

Sentimientos, emociones y reflexiones

Teri again

Finding Me; A site about my life before and after a divorce

unveiled rhythms

Life In Verses

Gareth Roberts

Unorthodox Marketing & Strategy

leeg schrift

Taalarmen

100 Films in a Year

12 months. 100 films. Hopefully.

%d bloggers like this: