Image: Shutterstock/shutterupeire Image: Shutterstock/shutterupeire OFFICIALS FROM THE Department of Finance were pressed yesterday about their assertions that Sinn Féin’s No Consent No Sale Bill will push up mortgage interest rates if passed into law.
In an exchange between Doherty and Tobin, the assistant secretary told committee members that the Bill “is likely” to result in higher rates. He stated the No Consent No Sale Bill is “considerably more radical” as it aims to “prohibit banks from selling mortgages”. Tobin told the committee that interest rates “will likely” increase, but added that “all we can do is give our advice… all we can say is what is likely to happen… we are here to tell truth to power… to tell you what you need to hear, not what you want to hear.”There were also back and forth between members and officials over a clarification on the Attorney General’s advice on the Bill.
“I don’t have a crystal ball, I am just trying to give an honest opinion about what might happen,” he said.Throughout the committee hearing, the deputy governor of the Central Bank Ed Sibley maintained that protections are the same for mortgage holders whether their loan is owned by a bank or a non-bank.
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