A letter to the Minister of Finance — 6 Comments

  1. Excellent point Ian and I’d like to add that we think about a ‘cap’ for senior Bank employees such as board members and CEO’s who will turn a pretty penny despite the poor performance of their institutions – many earning more than the governors of our respective countries!

    One saving grace here is that the Reserve bank is expected to drop interest rates when they meet today. Little consolation for the strugglers as the Aussie banks will NOT pass this rate cut on but use it to fund their losses, hopefully that will prevent them from foreclosing on those feeling what we glibly call ‘mortgage stress’.

    Send the letter .. at very least to one of the national newspapers!

  2. Well-said! Ian

    I agree with Baino…

    I’d love to see this in the paper!

    I used to bemoan the fact that the Celtic Tiger had passed me by. Now I’m so very glad that it did!

  3. One problem is that Mortgage Brokers, and others, encouraged prospective house buyers to take up far more than they could really afford by making claims that their income was far higher than it actually was. One instance of this was that a man on an income of less than £20,000, was persuaded to claim an income of over £30,000, mow with rising interst rates he can no longer afford the repayments.

  4. Peter P has a good point – the mortgage brokers and the estate agents had a lot to do with the massive house price increases – and the general public went along with it because they thought they could make money out of property. A home is a place to live – not an income generator.

  5. Well said Ian…go on send it!! Over here major housebuilders(and I work for one of them) have a lot to answer for too with pushing house prices up, being a PLC the shareholders want more return every year.

  6. I sent an edited version to the “Irish Times” who, of course, didn’t print it.

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