Wednesday, 13th march 2013

Last week’s Central Bank figures show the extent of Fianna Fáil’s legacy to Irish homeowners; 94,500 mortgage accounts for private dwellings are over 90 days in arrears, and 23,500 are in arrears for over 720 days.

Measures announced by the Government today will go a long way towards reducing that figure by ushering in widescale restructuring of mortgages for people whose loans are in distress. The banks must now step up their engagement with borrowers in difficulties so as to allow those in arrears to stay in their homes.

New targets stipulate that by the end of June 2013, the banks should have proposed sustainable mortgage solutions for 20% of distressed borrowers. By the end of September 2013, this will have reached 30%, and by the end of 2013, the banks should have proposed sustainable mortgage solutions for 50% of distressed borrowers.

Micheál Martin’s opportunistic criticism response to these measures is cynical in the extreme. People are hurting and Fianna Fáil is blatantly trying to take advantage of the misery it created.

Micheál Martin spent 14 years in the Cabinet of the Government which created the property bubble and subsequent economic crash. Yet he now has the nerve to try and present himself as the champion of the beleaguered mortgage holder. Mortgage holders who bought properties at the height of the boom will find this very hard to stomach.

The mortgage arrears situation has caused huge distress to many families across the country. The measures announced this week will help tens of thousands of people to stay in their homes. Fianna Fáil has no credibility when it comes to the mortgage crisis and should really know better than to grandstand on an issue in which they are totally compromised. The people of this country know hypocrisy when they see it.

Posted under Economic, Finance, National Work

The deal agreed on the promissory notes is a hugely significant step forward in our economic recovery. The immediate effect of this agreement will be a reduction of €1 billion in the budgetary adjustment required next year.

Cash flow is the lifeblood of businesses, without it they struggle to survive.  This deal helps the cash flow of our country, making it easier to deal with our remaining budgetary challenges. Thanks to the savings delivered as part of the deal, the budgetary adjustment needed for next year will be €1 billion less.  Over the next decade our borrowing requirements will be reduced by €20 billion, greatly helping our long term economic sustainability and our prospects for growth and job creation.

This deal is another successful effort in renegotiating the financial obligations which were a burden on every person in our country.  Since it came to office this Government has renegotiated the interest rate, saving €10 billion, it achieved €5.8 billion in burden sharing with subordinated bondholders, and now it has renegotiated the promissory notes.  At each turn we were told what the government was trying to achieve could not be done.  However, working with and not against our European partners has delivered real and significant savings for the Irish people.

While initially the debts of Anglo Irish Bank were not public debts the decisions of the previous Fianna Fail led Government loaded those debts onto the shoulders of the Irish taxpayer, making them national debt in the form of promissory notes.  This Government has secured an agreement that makes these debts more sustainable, helping our country get off its knees.

The efforts made by the Irish people have generated widespread goodwill across the EU. In spite of the difficulties their efforts have ensured that we are the best bet to get back to the markets. Their efforts have made it possible to get a deal that makes our debt more sustainable.  Eliminating the promissory notes now ensures that they can directly benefit from the reduction by €1 billion in the budgetary adjustment required next year, that is €1 billion less in taxes and cuts.

Members of Government have worked tirelessly to deliver this deal; I would like to pay particular tribute to the efforts of the Taoiseach and the Minister for Finance. Although this deal does not solve all of our difficulties it does greatly improve our chances for restoring our economic sovereignty. It will give the Irish people, and the international community, confidence in our ability to continue on the path to economic recovery.

Posted under Economic, Finance, National Work

Fine Gael TD for Cork South Central, Jerry Buttimer, has today (Thursday) welcomed the announcement by Minister for Enterprise, Jobs and Innovation, Richard Bruton, that 14 new jobs are being created in financial services software company, Nomoseire, in Bishopstown.

“I am delighted to hear that Nomoseire, an indigenous start-up which enables financial institutions with large capital flows to be compliant with international financial standards, will be creating 14 new jobs at its offices in Bishopstown.

“Today’s announcement is part of an overall creation of 911 jobs in 53 Government-supported start-up companies, through Enterprise Ireland’s High Potential Start-Up programme. This programme aims to work with entrepreneurs who have an innovative idea that will create much needed jobs in this country and have the potential to export their products and services abroad.

“Creating jobs is this Government’s number one priority. As well driving foreign direct investment into the country, we are also placing a huge emphasis on growing the indigenous sector which will match the level of success of big international companies that have set up in Ireland.

“Since coming into office last year, this Government has introduced a wide range of stimulus measures aimed at supporting indigenous companies to succeed in export markets. These include, establishing a new potential exporters division in Enterprise Ireland to support exporters, monitoring support programmes to help companies improve their performance, and new funding mechanisms such as the credit guarantee scheme and the microfinance fund which will provide over €800 million of new funds for Irish businesses.

“I would like to thank Minister Bruton and Enterprise Ireland for the support all of the support they have given Nomoseire.”

Posted under Cork City, Economic, Employment, South West