Thursday 19 October 2017

Raft of changes in banking policy on the way - just don't expect bankers to roll over easily

Fianna Fail's finance spokesperson Michael McGrath Photo: Tom Burke
Fianna Fail's finance spokesperson Michael McGrath Photo: Tom Burke
Charlie Weston

Charlie Weston

The new Government has promised a raft of changes in banking policy that will benefit consumers and bring the banks to heel. But the question is, will it be able to deliver, or will it come up against the same roadblocks the previous administration did trying to force variable rate cuts and sort out the arrears mess?

The latest attempt to put manners on our unbiddable banks include promises the new Government will "take all necessary action" to address high standard variable mortgage rates.

The Programme for Government document states that "it is not ethically acceptable for Irish banks to charge excessive rates".

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