September 18, 2023
Banks must bring forward credible financing solutions to assists homeowners affected by defective blocks crisis – Pearse Doherty TD

Sinn Féin spokesperson on Finance and Donegal TD, Pearse Doherty, has again called on the banking sector to bring forward credible financing solutions to assist homeowners affected by defective blocks.

Speaking today, Teachta Doherty said:

“Victims of the defective block scandal have been badly let down by the redress scheme brought forward by the government.

“So many face significant funding shortfalls in their efforts to rebuild their homes and lives.

“They are also facing rising mortgage costs on properties that are crumbling and in many cases are demolished.

“This situation is not sustainable and must be addressed.

“Over the past several months, I have engaged extensively with the Banking and Payments Federation, retail banks, the Central Bank and Minister for Finance on this issue.

“And have underlined the need for bespoke arrangements to be put in place to assist homeowners with rising mortgage costs and to address finance shortfalls including the provision of bridging finance.

“It is now time for the banks to bring forward credible financing options without delay.

“It is in the interest of banks that these homes are remediated, and their asset values restored.

“At my request the Oireachtas Finance Committee invited the Banking and Insurance Redress Focus Group before it in July, to give voice to the challenges they are facing on the ground.

“It is time for the banks to grasp the severity of this issue and bring forward a credible solution without delay.”

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