In the same week that a mortgage company repossessed the home of a young Waterford couple who lost their jobs when Waterford Crystal closed down, the Mayor of Waterford has excoriated banks and building societies for their "unforgiving and despicable" attitude.

The couple who have a special needs son were taken to the High Court by Stepstone Mortgage Funding Ltd. when they fell into arrears on their mortgage repayments.

The Mayor of Waterford Collr. John Halligan said he was inundated with cases of people in similar circumstances. He said there was no evidence of compassion by the lending agencies.

He alleged that banks and building agencies were phoning clients and threatening them with Stubbs Gazette. He quoted one girl on shift work who received calls at work when she fell into arrears of €1,000. He claimed that the so-called "pressure" promised by government on banks and building agencies was "non-existent."

Mayor Halligan quoted another case history where another couple both lost their jobs and fell into arrears. A grandfather took out a loan from the Credit Union to pay off the arrears.

The Mayor said that people should stand their ground in the face of what he terms "intimidation" and don't be bullied. He strongly advised people not to leave their house and contact MABS or their local public representative. He made the point that the very people who were now pressuring people for payment were the same people who "creamed" off profits and threw money at people.

Meanwhile TUI branch secretary Kathleen Moore said said that the recent public sector pay cuts would see at least €2m. monthly cut from WIT paychecks. This in turn will lead more job losses in the private sector in shops, restaurants and other businesses in Waterford.