Thursday 26 April 2018

Banks and government face a difficult task in picking up the pieces of crash

Michael Noonan
Michael Noonan
Brendan Keenan

Brendan Keenan

The Great Crash of 2008-12 is over, but there are a lot of pieces still to be picked up. The economic recovery will allow this to be done but it will not be easy - either financially or, even more so, politically.

Two of these pieces of debris were being examined yesterday. Fianna Fáil put down a motion about the plight of homebuyers with existing variable-rate mortgages. These borrowers are paying more than the banks are charging new customers; and many times what the lucky folk with tracker mortgages pay.

Most comment about mortgages has centred on the arrears of those who cannot, and in some cases will not, meet their monthly repayments. That is a separate matter, but the different rates being charged is a serious issue as well. Both present difficulties for banks and Government.

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