Labour to support mortgage rates bill

The Labour Party last night stated it is to support Fianna Fáil’s new bill to allow the Central Bank to cap mortgage interest rates, despite Finance Minister Michael Noonan describing the proposed law as “seriously flawed”.

The bill, being proposed by Fianna Fáil’s finance spokesman Michael McGrath, is designed to give the Central Bank new powers to reduce monthly repayments for many of the 300,000 households paying variable interest on their loans.

Last night, Labour’s Cork East TD Seán Sherlock said the party was supporting the proposed measure “in the spirit of the new dispensation that exists in Dáil Éireann”. He noted Labour believed the bill was worthy of “further discussion at committee stage”.