The decision by banks to give homeowners a three-month mortgage break is a positive move if it is implemented in full.
Many customers will have a “believe it when they see it” attitude and who can blame them after the shameful way they have been treated down the years.
There are particular worries for homeowners whose loans have been sold on to vulture funds as it’s unclear if they can avail of the scheme.
This anomaly highlights the danger of hiving off family homes to entities which are in the market to make a quick killing.
That old saying if something appears too good to be true it probably is should be applied when dealing with the banks.
Those who had their lives ruined by the tracker mortgage scandal – especially those who lost their homes – will vouch for that.
On the other hand these are desperate times so desperate measures are needed or there will be an economic disaster along with a health crisis.
There are still many uncertainties about how homeowners can avail of the mortgage break and the rules must be clarified.
There may be a case for extending it further as the majority of families will be affected by the coronavirus crisis.
Increasing the spending limit on contactless payments from €30 to €50 is also a positive move as it will cut down on cash transactions which run the risk of transmitting infection.
If this plan is implemented in full Finance Minister Paschal Donohoe is to be commended for he will have achieved a feat which could almost be compared to getting blood from a stone.
