Mortgage rates - Kenny must take action

IF Bertie Ahern was the Teflon Taoiseach then his successor can look forward to being Skate-Rink Kenny if he persists with the attitude shown in his performance on mortgage interest rates.

Despite promises to be the party of the negative equity generation, despite pledges to bring the banks to heel and despite solemn-toned declarations that lenders “should” pass on rate cuts to variable mortgage customers, the Government has proven it talks a good talk but falls flat on its backside when walking the walk.

Enda Kenny’s wide-eyed response to questions about how he intended to make banks do the decent thing by their customers was spectacular in its slipperiness.

He’d told Financial Regulator Matthew Elderfield to get in touch if he felt legislation was needed to force the banks’ hands and hadn’t heard back from him.

So that’s that then. Households in mortgage distress was one of the biggest issues of the general election campaign and now it’s an inconvenience to be quickly converted to a buck-passing exercise.

If Kenny keeps this up, promises won’t be the only thing slipping from his non-stick surface. His personal and party approval ratings will be rapidly on the slide.

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