Fianna Fáil: Put borrowers back in the driving seat

Fianna Fáil: Put borrowers back in the driving seat

Fianna Fáil said today that banks will be allowed to act as "judge, jury and executioner" in cases of those seeking debt deals.

The party's proposing the establishment of an "independent mortgage resolution office" within the Personal Insolvency Service which can apply a series of measures including permanent interest rate reductions, longer payment terms or, in some limited circumstances, debt write downs.

Fianna Fáil Finance Spokesperson Michael McGrath said that the balance of power needs to be removed from the banks.

"We are seeking today to put the borrowers back in the driving seat," he said.

"At the moment, outside of the personal insolvency service, if a borrower and a bank are negotiating, the bank is judge, jury and executioner.

"And within the personal insolvency service, the bank, effectively the holder of the mortgage, retains a veto, despite what the Government is saying."

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