People with mortgages from the Galway City Council will receive confirmation in the coming days that recent interest rate cuts will be passed on in full, according to Fianna Fáil Cllr Michael J Crowe.
Many people who hold mortgages with the city council have contacted Cllr Crowe regarding the rate they are paying and stating they have yet to receive notification regarding the recent interest rate cuts.
As a result Cllr Crowe has held a number of meetings with council housing officials and they have now confirmed that the full interest rate cuts will be passed on.
“It is unacceptable that this has gone on for the last number of months but all appropriate accounts will be adjusted accordingly and some will be in credit,” said Cllr Crowe. “This will happen because the rate cuts will be enforced from around the time they were announced and not just calculated from presently.”
Cllr Crowe said it is important people receive their full entitlement and that he “will be monitoring this to ensure they do”.
