A new book is to be launched regarding troubled bank Permanent TSB. The book is available to pre-order here:www.IrishLife.eventbrite.com/
An eBook will also be available to download. The Common Law Society will be having a book launch in Cork, Dublin, Limerick and Galway. Times and venues and other locations will be added.
The book is based on real life stories and documentation.
See Awaken Longford for more details regarding a demonstration outside the former Anglo Irish Bank
http://awakenlongford.wordpress.com/2013/07/01/mortgage-strike-demonstration-july-4th/
http://awakenlongford.wordpress.com/2013/07/02/thursday-july-4th-9am-former-anglo-irish-bank/
Thought and Action is among those assisting people with the banks. Other recommended organisations are People for Economic Justice, Debt Options, The Common Law Society of Ireland, the Anti-Eviction Eviction Taskforce. Many blogs and websites will continue to spread the necessary information. Again let us remember with pride, Seamus Sherlock and his family.
The Irish will not be slaves to debt and banksters.
7 FEBRUARY 2013
POOR Patrick Honohan. He must be at the end of his tether. His colourful choice of imagery on Sean O'Rourke's Week in Politics programme last Sunday was arresting.
The Governor of the Central Bank revealed that the top brass in Dublin's Dame Street fortress were "tearing their hair out" at the lack of action from the banks.
The RTE interview should have been a lap of honour for Patrick. He had just pulled off a big deal on the Anglo promissory notes. So why in the name of God was the folically challenged Patrick "tearing his hair out"?
Patrick's outburst smelled of desperation, bang in the middle of sampling a Pyrrhic victory. Patrick was signalling a far worse problem than the Anglo promissory notes. The mortgage arrears crisis is coming to a crunch. And the banks have been simply ignoring the warnings from the Central Bank.
What is new?
Nothing at all. Once again bankers are running rings around regulators. This time the problem may be too big, even for professor Pat.
It was last October when Central Bank chief Fiona Muldoon stunned the bankers after she let them have it with both barrels about their failure to tackle mortgage debt. Fiona was the advance party in a Central Bank offensive to get the bankers off their butts.
The bankers hardly budged. Mortgage arrears have continued to soar.
One month ago Honohan publicly told the Dail's Finance committee that he was "unhappy" with the progress on mortgage debt. Everybody tut-tutted solemnly. Last Sunday he stamped his foot on Sean O'Rourke's programme. He grabbed a few headlines. The bankers sat tight, absorbing the abuse, but doing nothing.
And last Wednesday the Central Bank held a timely conference on "How to Fix Distressed Property Markets".
The host, Professor Patrick, opened the event with a broadside about the "extraordinary level of mortgage arrears in the State". Speakers from abroad were hauled in to tell us how fatal would be our laissez-faire approach to mortgage arrears.
Independent experts were damning in their verdicts. The Central Bank had organised a conference with critical speeches – heavily loaded in favour of house repossessions – as part of the solution to a mortgage crisis. A none-too- subtle message was being sent to the bankers and the Government.
What looked like a modest series of alert warnings a few months ago seems more like pure panic today.
Patrick is looking down the barrel of a gun. My guess is that there were two important dates in his calendar this year. The first was the pushover, March 31, D-Day for the Anglo notes.
The second was far more important. And far more dangerous. Originally, pencilled in for early July, the Irish banks were due to be stress- tested.
Stress tests have proved awkward hurdles for Irish banks. The last one, two years ago, has left still unanswered questions about the possibility of a flawed process, the bizarre treatment of a Central Bank whistleblower and the consequent credibility of the final outcome.
For some mysterious reason this year's stress test has been postponed. Originally scheduled for the summer, it has now been pushed back till the autumn. Even then, it leaves very little breathing space for Patrick to sort out mortgage debt. If the result of the stress test is credible this time, it will tell us that the banks are refusing to tackle a mortgage monster that is poised to expose them as insolvent.
The omens are not good. Action on the mortgage arrears front is close to a standstill. Bankers are relishing their paralysis. While repossessions stand close to zero the number of borrowers falling into arrears is rocketing. Recapitalisation looms.
Nearly one in four mortgages is in distress. Currently 135,000 homeowners fall into the arrears category.
The banks are reluctant to repossess any houses because the arrival of a flood of residences on the market will depress property values and expose the lower value of all the properties held on their books. In turn that will reveal that they have grossly underprovided for bad debts.
If they were then forced to write down the value of their security to realistic levels, they would urgently require more capital. Which they do already – but they are happy to pretend that the values are much higher.
In other words, they have been lying. Old habits die hard.
The bankers' escapism has been connived at by the Government. No politician wants to see repossessions. No Government wants to force the property market down to realistic levels. No regime wants to return to the taxpayer for more funds to prop up the banks. Better to live well in a fool's paradise than to meet your maker.
The refusal of the banks to repossess homes is far from an act of human kindness. It is a necessity to protect their web of lies. They are conveniently protected by a 2009 judgment, forbidding a lender to apply for repossession in certain circumstances .
Yet their failure to act, and the Government's reluctance to change the law, is leaving punters puzzled. Pressurised borrowers have naturally taken advantage of the lax regime exercised by bankers, albeit for unscrupulous reasons. The result is predictable. Mortgage repayments have become an optional extra.
Borrowers have learned that non-payment provokes few, if any, immediate penalties. They are discovering that their neighbours are not paying their mortgages either. Nothing happens.
The Government is colluding with the banks to allow mortgage mayhem.
And the number of punters in arrears is certain to rise in the coming months. Just wait until the Government's wretched property tax bills drop through the letter boxes. Homeowners will realise that they have no choice over whether to pay the property tax, as it will be confiscated from their wages or their social welfare by the taxman.
In order to pay their property tax, many will opt not to pay their mortgage, knowing that their seemingly benign, but deeply cynical banker is frightened of taking any action against them in case the entire edifice of lies collapses .
Mortgage anarchy is in prospect.
The banks have given the two fingers to the Central Bank. They are squatting on phantom balance sheets living in a fantasy world of padded house valuations. The day of reckoning is at hand.
The Government responded to the crisis with a feeble Personal Insolvency Bill, a piece of legislation that left power over mortgage arrears in the hands of the bankers.
Honohan has threatened to give the bankers "direction". They are hardly quivering with fear. God knows why he did not take this course years ago. He will need to kick ass, to tell them to recognise realistic values in their balance sheets, to make adequate provisions and then to come clean on their real capital needs. Alongside the mortgage arrears timebomb the Anglo promissory note was a walk in the park.
Patrick has seen into the abyss. That is why he is tearing his hair out.
Comment: An opinion piece. See below. It has to be said that not all bankers are banksters. Often the lady at the customer service hasn’t a clue about banking, and would face losing her job if she started to ask the fat cat upstairs about the swindle of modern banking. They are gangsters and enslaving people and Nations to debt is all a game to them. Self interest is their world. One bankster, Lloyd Blankfein stated bankers are doing "God's work". What a perverse and diabolical statement to make.
That is the warning coming from consumer groups after the banks came over all consumer-friendly and started offering to do deals with heavily indebted households.
They are now offering to write off some unsecured debt, in return for most of what money there is left in a struggling household going towards the mortgage.
Almost five years into the financial crisis, with hardly a week passing without someone in the Central Bank criticising lenders for not doing deals with those in mortgage arrears, are the banks finally seeing sense?
Don't be silly. The banks are doing what the banks always do – they are aggressively protecting their backs.
It is no coincidence that the new initiative, brokered by the Irish Banking Federation, comes just months ahead of new personal insolvency rules coming into force.
The new insolvency regime will replace the outdated bankruptcy system with court-approved deals between borrowers and banks, with some debt written off if an agreed payment agreement is kept over a five-year period.
Heavily indebted consumers will be represented by a personal insolvency practitioner.
But there will be nobody to represent the consumer under the initiative launched by the banks this week, David Hall of the Irish Mortgage Holders' Organisation has asserted.
He maintains that any system where the lenders are in charge will fail.
So consumers would be well advised to treat this offer from the banks with some scepticism.
The Anti Eviction Taskforce has circulated this letter. Do share it with your contacts and friends.
Dear Sir / Madam,
I am writing to you on behalf of the currently distressed mortgage holders in Ireland:
Statistics March 2012
77,630, or 10.2 % of Mortgage holders, were in arrears of more than 90 days. This compares with 70,945 accounts (9.2 % of total) that were in arrears of more than 90 days at end-December 2011.
The number of accounts that were in arrears of more than 180 days was 59,437 at end-March 2012, equivalent to 7.8 per cent of the total. At end-December 2011, the number of accounts in arrears of more than 180 days was 53,120, or 6.9 per cent of the total.
Therefore, 116,288 accounts were either in arrears of over 90 days or had been restructured
and were performing as at the end of March.
In arrears 90-180 day: 87,293, over 180 days 1,209,459. Total = 1,296,752
Residential properties in possession – at end of quarter.
As you can see from the above statistics, distressed mortgage holders make up a large proportion of the Irish Electorate and these numbers are growing monthly. The issue of distressed mortgages in Ireland has been allowed to fester and grow since the downturn with both the Financial Sector and the Government of the day determinedly avoiding to take responsibility for the situation or to focus on developing equitable resolution to the issue (as is their duty).
Article 45 IV: That in what pertains to the control of credit the constant and predominant aim shall be the welfare of the people as a whole.
We have seen household debt increase from 68.9% of personal disposable income in 2000 to over 150% in 2007, and this % continues to rise as debt remains stagnant while income reduces or in many cases disappears
The result of this negligence by the Government of the Day is:
- Ever increasing numbers of distressed mortgage holders
- Ever increasing debts / arrears per household
- Serious damage to the domestic economy
- Untenable stress levels within those family units
- Dramatic increases in family break-ups
- Dramatic increase in suicide figures
This negligence by the Government (and by default, the financial sector) must now stop. It is critical that the issue of distressed mortgages be given top priority by this Government:
It now must be the goal of this Government to devise and drive resolution, to save family units, to save family homes and to save the lives of family member.
Step one in this process has to be; A Complete Cessation of Eviction in Ireland.
The automatic benefits of this cessation will be:
- To reduce stress levels within family homes struggling with distressed mortgages.
- A change in the playing field to focus both the Government and Financial Institutions on devising equitable and workable resolution to this issue thus eventually eliminating the issue long term.
- A return to the ethical basis on which the Irish Constitution is founded; for the good of Irish Citizens.
In this letter we, the distressed mortgage holders of Ireland, deliver to you a clear mandate to present the Government with a motion to introduce a complete ban on eviction from the family home in Ireland with immediate effect.
This letter is being distributed to the attached list of Ministers / TD’s.
Please be advised that we do not wish to receive any automated replies, replies from your secretaries or any replies advising that you will look into this matter. This mandate requires your personal and IMMEDIATE ACTION.
There is no justification for any family to be put under severe duress or threat of eviction because of the economic downturn.
As our elected representative in this democratic country of Ireland, you are duty-bound to deliver on this mandate on behalf of the citizens of Ireland by immediately bringing forward a motion in the Dáil for a complete cessation of eviction in Ireland to protect the family home.
Yours Sincerely
.............................. (for and behalf of Distressed Mortgage Holders)
Several days ago this blog reposted the two urls of vitally important information regarding Ulster Bank. Here is a brief extract.
http://awakenlongford.wordpress.com/2013/01/31/pride-comes-before-a-fall-ulster-bank/
“There is strong negative sentiment among a large section of the public in Ireland arising from the economic downturn, banking crisis and house price collapse.
In this context, the process of perfecting assignment of mortgages to a securitisation vehicle which issued bonds secured over individual borrower residential mortgages, and notifying borrowers of such transfer of ownership of Mortgages to the Company, gives rise to concerns that the Perfection could have a material adverse effect on the timing and/or amount of collections made under the Loans in the Loan Pool.
Borrowers may be less inclined to repay their Loans once they are formally notified in writing that their Mortgage is now owned by a special purpose vehicle in a securitisation (which entities and labels, unfairly or not, hold significant negative connotations for much of the public at the present time). The serving of such notices on all 15,850 mortgage borrowers concerned is also likely to generate unfavourable media attention and comment. This could materially impact both the timing and amount of collections on the Mortgages, a situation that would be prejudicial to Noteholders.
Even if the Perfection process were to be approved pursuant to an Extraordinary Resolution, there is a significant likelihood that it would take several years for the Perfection to be completed, with the strong possibility that the process itself could have a negative impact on the timing and amount of collections under the Mortgages. Furthermore, new collection accounts would need to be established in the name of the Issuer which would entail the redirection of borrower direct debits in favour of the Issuer. Such a process could involve notifying borrowers of the change which may consequently cause confusion and have a negative impact on the timing and amount of mortgage collections. To the best of the Company’s knowledge, no such comparable bulk transfer of mortgages in a securitisation or otherwise, involving the individual re-registration of approximately 15,850 mortgages, has to date been undertaken in Ireland, and there is some concern that an exercise of this nature could present a significant challenge within the existing system.
With the month of January concluding here is very important information in relation to Ulster Bank. More and more people are becoming aware of the swindle and the menace of modern banking.
http://awakenlongford.wordpress.com/2013/01/31/the-con-job-continues-ulster-bank/
http://awakenlongford.wordpress.com/2013/01/31/pride-comes-before-a-fall-ulster-bank/
Debt Options, who held a very successful meeting in Thurles last Saturday have a new website. The link is http://www.debtoptionsireland.com/
Some news regarding the troubled PTSB of which Jeremy Masding is Chief Executive. Communication with banks should be in writing only.
By Charlie Weston Personal Finance Editor
Friday January 18 2013
BANKS will be able to visit the homes of people in mortgage arrears unannounced under a change in the rules.
The Central Bank has relaxed its own strict code that limits the contact banks can make with people who have fallen behind with mortgage payments.
Existing rules mean that banks are not allowed to plague a borrower with constant contacts to pressure them into paying up. Banks can only make three unasked-for communications a month – either by letter, phone, visit or email.
Now the Central Bank will allow lenders who have been unable to contact a homeowner in arrears to visit their home unannounced, the Irish Independent has learned.
One of the key requirements of the change is that the visit should "represent a positive experience for the borrower", the Central Bank said of changes to the Consumer Protection Code, a rule book that banks must observe.
"While unsolicited personal visits could be difficult for some borrowers, we believe that a lender should be able to visit the home, where attempts at contact have failed and before deciding to commence legal action," the Central Bank said in an update to the Consumer Protection Code, dated January 3.
The change means such a visit would be on top of the three unasked-for contacts that are already allowed to be made by lenders each month.
Some 136,000 residential mortgage accounts are in some form of arrears.
The rule change comes as Independent TD Stephen Donnelly accused Permanent TSB of harassing an unemployed woman in arrears by telephoning her six times a day even though she has arranged to meet the bank this week.
Mr Donnelly said the Central Bank's rules limited banks to three unsolicited contacts with a customer every month.
The Wicklow and East Carlow TD claimed the woman, who is a constituent, was rung 18 times one day by an automated phone calling system.
The bank was in breach of the Consumer Protection Code and the Code of Conduct on Mortgage Arrears, he told 'Today With Pat Kenny' on RTE Radio. Fines of up to €25,000 per offence can be imposed if a lender is found to have contravened the code, he said.
But Permanent TSB denied yesterday it had broken the rules. The rules limited it to three successful contacts a month, but in this case it had not been able to contact the woman.
The bank said the borrower was €50,000 in arrears and claimed there had not been any contact with the bank since the summer.
Protections for those in arrears, including a ban on repossessions, do not apply to those who stop co-operating with their bank, the spokesman for Permanent TSB said.
However, the bank did admit that a meeting had been set up by the branch with the homeowner but this had not been communicated to head office, where the automated calls were coming from.
- Charlie Weston Personal Finance Editor
Irish Independent
An analysis via Awaken Longford. See also http://thoughtactioneire.blogspot.ie/2012/04/lets-start-with-start.html
We see an article in the Irish Independent yesterday, 12/01/2013 (http://www.independent.ie/business/irish/accounts-show-70pc-of-starts-loan-book-now-in-trouble-3349774.html) which states that 70% of mortgages at Start may now be in trouble, the article does not state just how many mortgages Start has on its books but it does say that Start was responsible for 1 in 3 of 124 repossession orders granted in the Irish Courts in the first half of 2012.
I now have, what appears to be access to the absolute detail of both Lansdowne Mortgage Securities No:1 Ltd and Lansdowne Mortgage Securities No:2 Ltd, I am reliably informed that between both of these Mortgage Backed Securities/ SPV‘s represent approx 6,030 Irish residential mortgages with a value, at the time of offering in the region of just over three quarters of a Billion Euro.
All of these Mortgages originated prior to November 2006.
This is an open invitation to any of the following Irish people:
a) If you are the holder of a Mortgage with Start Mortgages which originated prior to November 2006, whether it is distressed of performing.
b) If you were the holder of a Mortgage with Start Mortgages which originated prior to November 2006, whether you have simply sold your home or more particularly, if you have been the subject of a repossession order granted by the Irish Courts and have subsequently lost your home, either by voluntary surrender or eviction.
c) If you know of any Irish person who is covered by either A or B above please pass this information to them.
Very serious questions arise from the information I have potential access to, the validity of any Court Order granted to Start Mortgages is possibly in question and the ability for Start Mortgages to further seek Orders for Repossession is certainly in question.
I would urge any Irish Homeowner concerned to contact me, in strictest confidence at awaken.longford@hotmail.com with a contact number and I will in turn contact you directly to progress any pertinent matters.
Start Mortgages is the first, I am reliably informed that additional information concerning all the Mortgage providers in the State is forthcoming as resources permit.
Please share this post on social networks with as many Irish people as possible.
Help Irish Homeowners to fight back!
News via @namawinelake
“PTSB now refers to returning to profitability in 2016, that's an extension to the 2014 that it was claiming late last year. Worrying.”
“There has been intense speculation whether PTSB can meet 2 bond payments of €2.7bn in Jan+Apr 2013. PTSB says "no problem".Others .sceptical”
“How very odd: PTSB issues statement on a Sunday about lending targets in 2013 - http://www.rte.ie/news/2013/0106/ptsb-announces-five-fold-rise-in-lending-targets.html … nothing on website http://www.permanenttsbgroup.ie/media-centre/press-releases/2012.aspx … "
Statement: permanent tsb bank announces plans to increase lending significantly
The Group Chief Executive of permanent tsb, Jeremy Masding, has announced plans to increase significantly the bank’s lending capacity this year for key product areas including Mortgages, Personal Loans (including car loans) and Credit Cards.
The plans are based on projected lending of approximately €450 million in the current year – a five-fold increase from less than €90 million lent out in 2012. Further increases are scheduled for future years.
Included in the plans are mortgages of up to 90% Loan to Value (LTV) and mortgage rates from 3.69% (details in editors note), very competitively priced car loans (from 9.1% APR) for both new and second hand cars and, for Credit Card customers, 0% finance on transferring balances for 6 months.
Ability to recommence lending follows deposits growth and progress on restructuring….
Speaking today, Mr. Masding said that bank’s ability to finance new lending followed from its success in doubling the size of its deposit book to approximately €12 billion in the past few years and making significant progress on its restructuring plans over the past twelve months: “We will continue to increase our provisions linked to historic lending but they are in line with the scenario laid out in our Restructuring Plan and we’re making great progress on implementing that plan. We’ve reduced our cost base. We’ve established the Asset Management Unit to manage problem loans. The new Management Team is now in place and the strategy has been agreed; all this means that we have a strong foundation from which to build out the new permanent tsb bank and recommence lending to Irish customers.”Restructuring Plan designed to get bank back to lending at same time as it tackles impact of losses…
Mr. Masding said that while it would take many years for the bank to work through the impaired loan accounts which have arisen through the crash, the bank’s Restructuring Plan ensured that it would not have to wait for those issues to be resolved before returning to lending; “Our Restructuring Plan is based on a twin track approach whereby we return to lending into the Irish economy at the same time as we continue to work through the legacy issues of impaired loans and arrears.”New Lending is an integral part of Restructuring Plan…
Mr. Masding said that the new lending for 2013 was an integral part of the bank’s Restructuring Plan: “Bank’s make money by lending so it’s imperative that we return to sustainable, sensible and profitable lending as soon as practicable and we are committed to doing so this year. Our key aims are to re-establish permanent tsb as a significant third player in the Irish banking market and to return to profitability in 2016. We are well on our way to achieving those targets.”Mr. Masding said the aim was to regain a “meaningful and profitable” market share in core lending markets. But he warned against simply chasing market share: “We want to lend responsibly, at the right price for the underlying risk. We think that by returning to basic banking principles – with proper credit risk analysis – we can rebuild trust with customers who want and deserve access to credit. We have a national presence, staffed by committed people who are proud of their profession and who want to re-connect with their customers.”
As part of the new drive, permanent tsb intends to lend approximately €350m into the mortgage market, €100m into personal lending (including car finance) and €5m in new Credit Card finance.
(SUNDAY 6th January)
Issued by
Ray Gordon
Gordon MRM
ray@gordonmrm.ie
News from Spain.
Spanish banks looking to foreclose on delinquent mortgage owners in and around Pamplona will no longer have the assistance of the community's locksmiths. Last month, they announced they would no longer change the locks on people banks want to evict.
In Spain, in 2012, more than 50,000 families were evicted from their homes when they failed to pay their rent or mortgage.
As the year wound down, a handful of people committed suicide after learning they would be evicted. Now, in Pamplona, a group of experts who help carry out the evictions has said ‘No more.’ Those experts? Locksmiths.
It’s a pretty ingenious way to stop evictions, really.
The police might come and drag debtors out. But if no one changes the locks on the apartment, the bank can’t repossess it, because the evictees can get back in.
And the legal proceedings to get them out again would take months, even years.
Banks and government authorities have been evicting an average of two families a day in recent months in and around Pamplona. Locksmiths like Iker de Carlos are hoping to put an end to it. De Carlos says in this small city, the dozen or so locksmiths often know the people they have to lock out.
De Carlos told a local TV station that locksmiths worked often with the police and bailiffs, evicting families or elderly folks who barely had time to get their pants on before being put out on the street.
De Carlos says he and his fellow locksmiths decided last month that they could no longer ignore such suffering.
“We’re people,” he said, “and as people we can’t continue carrying out evictions when people are killing themselves.”
De Carlos was referring to the suicide of a woman last fall, outside Pamplona. As authorities, including Judge Juan Carlos Mediavilla, were arriving to evict her, she jumped from her balcony. Just after her death Judge Mediavilla spoke out publicly.
“We can’t let economic problems devolve into tragedies like this,” Mediavilla said.
The judge called on the government to revise existing laws so the growing number of Spaniards who can’t pay their mortgages don’t end up on the street.
Spain’s center right government initially said it would take immediate steps to protect about 600,000 of the country’s most vulnerable, including families with small children and the elderly.
A law was passed allowing some people to negotiate lower payments with banks. But it excludes retirees and any single mothers with a child over 3 years old.
And activists say banks, which had promised to ease up on evictions to avoid a social disaster, have not done so.
The social tension over evictions has led to protests across the country, and grows as unemployment rises further.
But the locksmiths of Pamplona say their tiny rebellion may be the most effective way to stop evictions, even if its only one lock at a time.
A letter sent by the Anti Eviction Taskforce.
by Anti-Eviction Taskforce on Sunday, December 23, 2012
Dear Mr Archie Kane (Governor of Bank of Ireland)
As part of the initial refinancing of BOI, the Minister for Finance Mr Noonan advised that Bank of Ireland received €4.7bn recapitilisation plus €1.8billion to cover losses that might result from residential mortgage default.
The Anti Eviction Taskforce ask that the Bank of Ireland clarify for what purpose exactly has this €1.8 billion been used, in light of their recent statement declaring 'no debt forgiveness' to mortgage holders in distress. Is BOI still in possession of this €1.8billion and what are BOI's intentions in respect of this fund if not for debt forgiveness/relief?
As BOI is well aware, the number of mortgages in arrears continues to rise in Ireland and this €1.8billion was provided by the state for the specific purpose of lessening the impact of mortgage default on the Irish economy, on BOI and, of course, the distressed mortgage holders.
The Anti Eviction Taskforce also ask the Bank of Ireland to detail what options are currently being offered by them to the distressed mortgage holders on their loan books, other than so-called Voluntary Sale, Voluntary Surrender and Trading Down.
In the absence of any clarification or data on this matter from BOI, it is reasonable to assume that the funds provided to compensate BOI for losses as a result of mortgage default are either still on BOI books or have been used for purposes other than the intended, which of course would be illegal.
The Anti Eviction Taskforce request BOI to provide clear and detailed answers to the above questions and warn that failure to adequately answer will result in our turning to the judicial system, on behalf of distressed mortgage holders, in order to obtain same.
Yours
The Anti-Eviction Taskforce.
2012 has seen hundreds of people taking on the banks legally and lawfully in the courts. Thought and Action was able to distribute leaflets and videos during the year and assisted people in trouble with the banks. Groups like People for Economic Justice and Debt Options emerged. The Anti Eviction Taskforce is active across Ireland. The Common Law Society of Ireland held well attended ‘Lay Litigation Days’ during 2012. They also host regular educational workshops. Seamus Sherlock and family continue their noble stand at their family home and farm.
Modern banking built on the system of usury is nothing other than a scam of the greatest order. People and entire Nations are enslaved in debt and politicians are nothing other than puppets of the International Financiers.
In 2013, the fight will continue. See extracts from Sunday Indo article below
http://www.independent.ie/national-news/banks-put-lives-at-risk-says-charity-3334489.html
“BUSINESSMAN Noel Smyth, the founder of charity 3Ts (Turn The Tide of Suicide), has accused banks of putting vulnerable people's lives at risk with their "punitive" approach to collecting debt.
"The value of human life in Ireland is diminishing by the fact that we've now decided it's reasonable to be punitive with people who haven't been able to pay their debts," he told the Sunday Independent.
"If that ends up with that person taking their own life, that's a consequence of being in the system. That to me is the biggest failure we are facing going into 2013. The one thing we are losing is our value for life. You cannot get blood from a stone. It doesn't exist.
"In the normal course of events, you would not put someone at risk by pursuing them if they are vulnerable."
Renewing his call for the establishment of a national suicide prevention authority, he questioned whether those tasked with collecting debts on behalf of Ireland's financial institutions had been given any professional training in how to deal with potential suicides.”
More news regarding the ‘public interest directors’ of the banks.
http://www.breakingnews.ie/ireland/aib-director-defends-59k-salary-for-60-days-work-578532.html
“20/12/2012 - 14:00:04
Former Tánaiste Dick Spring, who represents the taxpayer on the board of AIB, has defended his salary as "reasonable".
Mr Spring is a public interest director at the bank and was paid €59,000 for 60 days work last year.
He also receives one of the largest state pensions of more than €121,000.
The former Labour Party leader said the pay is appropriate for the work he does and that he has turned down higher paying jobs.
Mr Spring said: "My pension as a former deputy, which you will be entitled to in time, and as a former minister you will achieve a ministerial pension if you enter ministerial office, and I think you will be perfectly entitled to it.
"There is another way of looking at this, I have turned down numerous invitations to take up other positions which would be equally, if not more lucrative, than working for Allied Irish Bank, I have turned them down."
Meanwhile, the Government nominee to the board of AIB has said there will be "no divine mercy" when it comes to dealing with homeowners in arrears.
Michael Somers has told the Oireachtas Finance Committee that while people won't be thrown out on the streets, this is an issue that will have to be dealt with.”
An article in relation to the recent meetings of the ‘public interest directors.
By Donal O'Donovan
Thursday December 20 2012
Government-appointed directors at the country's biggest mortgage lenders appear to disagree over forgiving mortgage debt.
Former finance minister Ray MacSharry and former senior civil servant Margaret Hayes are public interest directors at Permanent TSB.
Appearing before the Joint Oireachtas Finance Committee, Mr MacSharry insisted that the bank would not forgive mortgage debt.
However, Ms Hayes said that in some instances unsustainable loans could be written off on a case-by-case basis.
Stephen Donnelly TD said he had been left in some confusion by different answers provided by the two directors in relation to writing off unsustainable debts.
One in five home loans and one in three buy-to-let investor mortgages are in arrears at Permanent TSB, among the worst situation of any lender.
The two public interest directors were accused of "going native" and "window dressing" in bruising encounters with politicians yesterday.
Mr MacSharry and Ms Hayes, have been public interest directors at the bank since it needed state support to survive in 2008.
Role
The role of public interest directors at bailed-out banks is increasingly controversial as details emerge of the high pensions and salaries still being paid to bankers at bailed out institutions, while at the same time lending remains subdued.
Permanent TSB loaned just €70m to homebuyers this year, Margaret Hayes said, enough to finance fewer than 300 typical mortgages.
She said the bank did intend to increase lending in the year ahead.
Despite being public interest directors, they have no duties beyond those of other board members, and do not report back to the Minister for Finance, the Dail or the Central Bank, Mr MacSharry told the politicians.
Committee chairman Ciaran Lynch said that the public believed their job was; "to be in there batting on their (the public's) behalf".
"Our role does not differ from any other director on the board," Mr MacSharry said.
The public interest directors were not given any particular instruction, remit or terms of reference when the appointments were made, he added.
He had not asked for the job, he said later in the session.
Under intense questioning the former finance minister and European Commissioner admitted that he had not pushed a single issue to a vote during his time at the bank.
"You have been captured by the board and are about as useful as paps on a bull," Fine Gael senator Paul Coughlan argued during the tense session yesterday. Mr MacSharry said that in his time on the board he had proposed a 25pc cut in fees paid to non-executive directors that was then supported by other board members.
Margaret Hayes said the norm at the board was for all directors to arrive at decisions by consensus.
Issues such as "interest rates, arrears management and assisting individuals" were of particular interest to the public interest directors, she said.
Mr Lynch said that it was clear to him that public interest directors had a role in relation to the State that takes priority over their role within the bank, despite the insistence by the directors themselves that their role is the same as other directors.
- Donal O'Donovan
An update in relation to the ‘public interest director’ appearing before the Finance Committee.
http://www.rte.ie/news/2012/1219/mcsharry-accepts-public-interest-role-has-flaws-business.html
The role of public interest directors at banks in which the state is a shareholder is flawed according to former finance minister and Permanent TSB (PTSB) public interest director Ray McSharry.
Appearing before the Oireachtas Committee on Finance, Public Expenditure and Reform Mr McSharry accepted that the role should enable a distinct line of communication to the Minister For Finance.
Earlier Fianna FáÃl finance spokesman Michael McGrath had put it to Mr McSharry that there was "a flaw in the structure of the role of public interest directors that they didn't have any distinguishing feature such as a distinct line of communication to the Minister".
Mr McSharry said this was "absolutely right". "We don't have the ability to come out of a board meeting and make points," he said.
The role of public interest directors was limited to trying to "influence rather than dictate" policy to the bank's board of directors, according to Mr McSharry.
Asked by committee chairman Ciaran Lynch if had voted against the board in his capacity of public interest director, Mr MacSharry said at all times he took into account the interests of the stakeholders which included the customers.
He said he had his views representing the public had never been pushed to a vote.
The bank's other public interest director, Margaret Hayes, told the committee PTSB was working "assiduously to address its growing mortgage arrears problem.
PTSB has 174,000 mortgages, she said, of which some 20% of its home loans were in arrears of some description. Ms Hayes said she was confident that the bank would improve the arrears situation.
