A Donegal TD has said banks are continuing to rip people off with high interest rates on mortgages.
Sinn Féin spokesperson on Finance, Pearse Doherty TD, said new data from the Central Bank show Irish homeowners are paying some of the highest interest rates in the EU.
“Banks are ripping people off by not passing on the benefit of lower interest rates to homeowners,” said Deputy Doherty.
“ECB interest rates have sat at 2 percent since June this year but bank customers here have not benefitted in the way they should.
“Banks make massive profits by refusing to pass on lower interest rates.
“We have some of the highest interest rates in the EU as the banks drag their feet on passing on the benefit of lower interest rates all the while pocketing the difference in higher profits.
“Irish banks are on course to again make billions in profits this year and pay no tax.
“Instead of standing up to the banks, this government has rewarded CEOs by removing the pay cap.
“This is one of many examples of the government letting companies drive up costs on households.
“Both the IMF and the European Central Bank have told us that corporate profits are driving inflation.
“Despite the clear evidence that corporate greed is driving up costs for households, this government refuses to act.”
