Central Bank asked to encourage banks to assist Mica affected families in Donegal

“Incumbent on banks and financial institutions to step up to the plate" - Mac Lochlainn

Central Bank  asked to encourage banks to assist Mica affected families in Donegal

Senator, Pádraig Mac Lochlainn

Donegal Sinn Féin Senator, Pádraig Mac Lochlainn, has confirmed that his party’s finance spokesperson and Donegal TD, Pearse Doherty, has written to the Central Bank asking that they encourage the banks and financial institutions to assist the families affected by Mica defective blocks in their homes with the 10% contribution they will have to make to the cost of making their homes safe under the forthcoming redress/repair scheme.

Senator Mac Lochlainn and Deputy Doherty had submitted a similar request to the Minister for Finance through a parliamentary question but this was ruled out of order under Oireachtas rules as the Minister is not directly responsible for the banks.

“I commend the efforts of the Mica Action Group in Donegal who have been engaging with the banks and financial institutions to attain commitments on their contribution to the 10% of the cost of making family homes safe across the county.

"The Government have confirmed that the homeowners must contribute 10% of the overall costs under the soon to be announced Mica Redress/Repair Scheme. This 10% contribution will not be possible for many families who are already struggling to pay their mortgage on homes that are falling apart”.

“It is therefore incumbent on the banks and financial institutions to step up to the plate and assist these families. At the very least, they need to supply interest free loans but they should also cover some, if not most of the 10% cost," said Senator Mac Lochlainn .

He added this was very much in their financial interest as these homes had dramatically reduced in value due to the presence of these defective blocks and the deterioration of the structures.

"If they ensure that theses homes are made safe by helping the affected families with adequate financial supports, then everyone wins.

Sinn Féin have now written to the Central Bank, requesting that they encourage and facilitate the banks and financial institutions to do just that,” he added.

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