Labour to support Fianna Fáil private members bill on variable rate mortgages bill
Speaking on behalf of the Labour Party Deputy Sean Sherlock commented: “The Labour Party intends to support the passage of the Fianna Fáil Variable Rate Mortgage Bill to committee stage.
“In the spirt of the new dispensation that exists in Dáil Eireann Labour believes that this Bill, is worthy of further discussion at committee stage.
“The spirit of the Bill is well intentioned in that it seeks to speak for those people who are tied into variable interest rates who bought houses at the top of the market and now find themselves paying over the odds for their mortgages.
“There is no point in kicking back this important issue for further legislative scrutiny, it would be better if the bill proceeds to committee stage so that there is an opportunity at least interrogate the constitutional impediments and flaws that Minister Noonan has stated inherent in the Bill.”