Fr Peter McVerry, in a stark indictment of us all, warned yesterday that “an avalanche of homelessness is coming.”
He said the majority of people now homeless came from the private rental sector, when they were evicted.
Just as Fr McVerry was describing this catastrophe, our Central Bank reported that, in June, we had the highest average interest rate for mortgages across the euro area. The average rate on Irish mortgages agreed in June stood at 3.23%, while the eurozone average was 1.78%. It is not necessary to be an economist to join the dots, especially as Ireland’s banks are up to three times more profitable than the average for major eurozone banks, according to the ECB.
Last September, AIB told an Oireachtas committee it won’t pay tax on profits for 20 years, because of huge financial crisis losses. AIB — €20bn bailout — reported a 12% rise in operating profit, to €762m, for the first half of this year. This seems as immoral as it is stupid and it is increasingly difficult to accept Government’s supine silence on this fleecing.
Time for a bit of backbone and a big stick.