Eamon Gilmore, November, 2011, on the subject of banks passing on ECB interest rate cuts:
Following the meeting between AIB, members of the Government and the Economic Management Council, the board of AIB has decided to implement a 0.25% interest rate cut to its variable rate mortgages,” AIB said.
The lenders had been warned that the Government was prepared to force their hand with tough new consumer laws and was awaiting advice from the Financial Regulator Matthew Elderfield.
“The reason the European Central Bank introduced that reduction is not so the banks could pocket it but so they could pass it on,” Mr Gilmore said.
A report on options for new banking laws to enforce ECB rates is expected quickly, the Tanaiste said.
“This is about taking action, it’s not about words,” Mr Gilmore said.
AIB forced into u-turn on interest rate cut | Irish ExaminerMr Gilmore said there was no ambiguity about the Government’s position.
“The Government was very clear with the banks about our wish and determination that the interest rate will be passed to the customer,” he said.
“We made it clear to the them that if that does not happen the question of legislation is something the Government will consider.”
Eamon Gilmore, February 2013, on a SF suggestion that government intervene in relation to future rate rises:
He said that Mr Gilmore should call in the management of state-owned bank AIB to get them to halt a planned interest hike on variable rate mortgages.
But Mr Gilmore accused Sinn Fein of only being interested in scoring “political hits” rather than caring about the people who were struggling with mortgages.
Eamon Gilmore criticises banks for failing to help people in mortgage distress - Independent.ie
Eamon Gilmore, 25 April, 2013:
“The announcement by AIB that it is increasing the standard variable mortgage rate and a similar announcement by EBS is of course bad news for mortgageholders, there is no doubt but…that is a commercial decision that is made by those two institutions,” he told the Dáil under questioning from Opposition.
Gilmore rejects calls to intervene in AIB rate hike - Consumer News & Advice | Pricewatch, Money Advice | The Irish Time - Thu, Apr 25, 2013
Eamon Gilmore is either a liar or utterly incompetent. Perhaps both?
Why would anybody believe a word out of his mouth?