Fianna Fáil Spokesperson on Finance Michael McGrath has said he will be raising the plight of the Priory Hall residents with the chief executives of the main banks when they appear before the Oireachtas Finance Committee next week.
The chief executive of AIB will appear before the Committee on Tuesday while Bank of Ireland and Ulster Bank executives will be questioned on Wednesday before Permanent TSB appears at the Committee on Thursday.
Deputy McGrath said: “There are many serious issues which need to be addressed with the banks including the flow of credit in the economy but we will be focussing our time at the committee hearings next week on the mortgage crisis which continues to be a huge drag on the economy and is causing enormous distress for thousands of families across the country.
“The piecemeal approach to the mortgage crisis on the part of the banks and the government has to be addressed. We still don’t know for instance whether the banks are meeting their mortgage arrears targets which were announced last March. By the end of June the banks were to have offered sustainable solutions to 20% of their customers in arrears. We will be expecting detailed responses from the banks next week on these matters.
“I have also pointed on a number of occasions to the discrepancies that exist within the market in relation to the split mortgage option for people in arrears. We will be seeking to find out how many more of these arrangements have been put in place to date and what regime is operating in each of the banks. It remains a source of huge frustration that mortgage holders in arrears face a bizarre lottery as to the type of mortgage resolution option they can access depending on which bank they have their mortgage with.
“A major issue I will also be seeking clarity on is the situation facing the former residents of Priory Hall. These families have been left in limbo for two years with no end in sight. There seems to be a complete lack of interest on the part of the government in bringing about a comprehensive solution. Some of the residents who have been speaking about their experiences this weekend are laying part of the blame with the banks and say because no decisions have been taken in relation to their mortgage status they cannot move forward. The banks will have to provide very clear answers as to what they are doing to resolve this issue. Dublin City Council is appealing a High Court order that it is responsible for costs relating to temporary accommodation for former residents of Priory Hall. This is only causing further anguish and uncertainty. Many of the people who bought in Priory Hall have young families. They need certainty and security and a resolution to this awful situation for them is long overdue.”