Central Bank must stop home repossessions, says TD

on 16/03/2013 13:04:01

A South Dublin TD has today called on the Central Bank should intervene after it was revealed that Ulster Bank is sending out repossession notices to people in mortgage arrears.

The Irish Independent reported that Ulster Bank repossessed around 200 homes last year, but that figure could rise to 1,000 this year.

It comes just days after the Government announced new measures to deal with the problem.

United Left Alliance TD Joan Collins has criticised the move, saying that new proposals to tackle mortgage arrears crisis promised repossessions would be a last resort.

"People are going to be devastated," she said.

"For the last five years, they've been trying to manage - and this is going to be a major blow to those people.

"That's why there has to be a clear intervention by the Central Bank to tell Ulster Bank to stop this.

"Minister Noonan said repossession would be the last line, so he said - we didn't believe that, and this looks like now that the banks are going on their own hobby horse now and going after people very, very quickly."