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.”