The government must put pressure on financial institutions and vulture funds to pass on an anticipated interest rate cut by the European Central Bank (ECB) to mortgage holders, according to Social Democrats acting leader Cian O\u2019Callaghan.<\/p>\n
Deputy O\u2019Callaghan, who is the party\u2019s finance spokesperson, said:<\/p>\n
\u201cThe ECB is expected to announce a sixth interest rate cut of 0.25 per cent, which should mean relief for hard pressed mortgage holders.<\/p>\n
\u201cDespite the fact that homeowners have struggled with rising interest rates in recent years, not all financial institutions have passed on the full ECB interest rate reductions to their customers \u2013 despite enjoying eyewatering profits.<\/p>\n
\u201cIt is simply immoral for these institutions and funds to be profiteering to such an extent when mortgage customers are under so much pressure.<\/p>\n
\u201cThousands of householders have been paying extortionate interest rates as high as nine per cent since their residential mortgages were sold to vulture funds by their banks.<\/p>\n
\u201cEven, as expected, if variable rates being charged by highly profitable companies such as Pepper Advantage fall below six per cent, it will still be one of the most expensive mortgages in the country.<\/p>\n
\u201cOther institutions managing mortgages on behalf of vulture funds have even refused to pass on any of the previous five ECB cuts to customers, which is completely unacceptable.<\/p>\n
\u201cThe government must now make it clear to vulture funds that it fully expects mortgage customers to feel the benefit of the latest ECB interest rate cut as soon as it is confirmed.\u201d<\/p>\n
March 5, 2025<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The government must put pressure on financial institutions and vulture funds to pass on an anticipated interest rate cut by the European Central Bank (ECB) to mortgage holders, according to Social Democrats acting leader Cian O\u2019Callaghan. Deputy O\u2019Callaghan, who is the party\u2019s finance spokesperson, said: \u201cThe ECB is expected to announce a sixth interest rate […]<\/p>\n","protected":false},"author":3,"featured_media":11216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,88,7],"tags":[],"class_list":["post-11814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-finance","category-press-release"],"acf":[],"yoast_head":"\n