IMF report shows FG/Labour Govt ‘has chosen home repossessions as a policy’

» John Hedges

An Phoblacht Editor

'Sinn Féin has called for solutions on a case-by-case basis. An independent body needs to be put in place to force banks to make sustainable deals.'

THE IMF report on Ireland today shows that the Fine Gael/Labour Government has chosen family home repossessions as a policy and is putting the banks’ interests ahead families and home-owners, Sinn Féin Finance Pearse Doherty says.

“This week’s IMF report is explicit in stating that the Government has committed to going beyond simply reversing the Dunne judgement.

“The announcement, at the behest of the Troika, that the Dunne judgment will be reversed by legislation caused a great deal of worry among people struggling to pay their mortgages. It is clear from the IMF report that this will only be the first step.”

The Sinn Féin TD quoted from the IMF report:

“In addition, the authorities will keep repossession experience under review, and quickly bring forward appropriate measures to address any problems regarding the length, predictability, and cost of proceedings.”

Pearse Doherty said:

“This amounts to a commitment to pursue a policy of repossessions.

“Two years into this government and the mortgage crisis is spiraling out of control. The numbers in arrears of over 90 days has nearly doubled under Fine Gael’s and Labour’s watch.

“Sinn Féin has called for solutions on a case-by-case basis, including write-downs where necessary. An independent body needs to be put in place to force banks to make sustainable deals.

“I am calling on the Government to state what further options it is considering to facilitate repossessions. They must admit now that they have chosen repossessions as a policy.

“Once again the Government, like its predecessor in Fianna Fáil, has put banks’ interests first.”