The chief executive officer of the EBS building society, Fergus Murphy, has said he hopes the Government’s National Assets Management Agency will consider taking up to €800 worth of development and related loans off its books.
He said the EBS would like an invitation to work with NAMA. On the question of mortgage interest rates he didn’t rule out an increase over the coming months.
Public Inquiry translation.
Dear (peasant) Taxpayer,
I have applied to the Government for permission to dip my hands into your pockets to replace €800 million that we gambled and lost through irresponsible and reckless lending which was triggered by our uncontrollable greed.
You will be aware, of course, that the application is nothing more than a formality, merely for the optics old chap. That we will get your money is an absolute certainty – We do, after all, own the body politic.
I must also inform you that we will be imposing a significant mortgage interest rate in October. You will have noted that (our) Brian has already given permission for this in his response to the recent TSB increase.
There’s no need for you to fret about the reasons for this increase, it’s all to do with complex economic mechanisms that you wouldn’t understand.