A chara, – Further to the comments by the Minister for Finance stating that the Central Bank has no powers to compel banks to offer amended interest rates to the 300,000 variable-rate mortgage holders in line with other euro zone countries, I would remind him that once upon a time it was possible to guarantee, and later nationalise, nearly all the banks ("Central Bank briefs Michael Noonan on research into mortgage rates", April 2nd).
Although incredibly unwise, it was surely a greater feat than what is being asked of them now, so where have these powers gone?
The State still retains up to a 99 per cent shareholding in some financial institutions, which should be sufficient to serve the needs of the electorate.
We are where we are, so can we not finally turn this mess to the our advantage?
Telling people to go shop around for deals is not an option those who are still in negative equity.
This is very much the major election issue for such account holders, and if they have any ambitions of retaining office, Ministers will need to show a little more energy and resolve in the matter. – Yours, etc,
JOHN HOWELL,
Dunleer, Co Louth.