Posted October 4th, 2012 in Dáil Work, Economy, Finance, News, Public Accounts Committee

Fine Gael TD for Wicklow, Simon Harris, today (Thursday) raised  the question as to what AIB has done with the billions it was given to  specifically help distressed mortgage holders. Speaking during today’s  meeting of the Public Accounts Committee (PAC), Deputy Harris requested  that the Committee write to the General Secretary of the Department of  Finance to get details of exactly how this money has been spent.

“AIB increased its variable mortgage rate this week, saying it had no choice if it was to return its mortgage business to a profitable  position. This move has left thousands of homeowners facing even larger  monthly mortgage repayments, and will push those struggling with debt  into further distress. What I can’t understand is, where have the  billions that AIB was given for the purpose of mortgage write down and  assisting struggling mortgage holders gone?

“PAC has agreed to write to the Department of Finance requesting a  full breakdown on how this money was spent on assisting mortgage holders in difficulty and whether or not the full amount has been spent for  this purpose. I have requested this in light of the real and genuine  worry that mortgage holders are struggling. We cannot have another  situation a few months down the line where further hikes will be  introduced pushing more and more people into arrears, as they simply  can’t make the increased repayments.

“I look forward to a comprehensive response to these issues being given to the Public Accounts Committee.”