Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-09-15-Speech-3-247"
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"en.19990915.12.3-247"2
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"Mr President, the introduction of the single currency, combined with better competition in the marketplace, has resulted in a substantial reduction in interest for those on variable rate mortgages. I want to emphasise variable rate mortgages. There are however, particularly in Ireland, a substantial number of borrowers on fixed rates, sometimes at interest which is three times higher than the current rates and which lending institutions are unwilling to adjust without substantial financial penalties. I would ask the President-in-Office if he is willing to have this matter examined, if not by the Council, by the Commission or indeed the European Central Bank. It is a very serious problem for a very large number of borrowers who are finding it increasingly difficult to meet interest rates which prevailed five, six and seven years ago at treble the rate which we have at the present time."@en1
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