Time running out for Noonan to fix our mortgage rate crisis
Minister must deal with problem that isn't going away
If a bank wants to add five cents to the cost of processing a cheque, it has to get approval from the Central Bank. But if banks want to hike up interest rates on the mortgages of 300,000 people, to shamelessly boost their profit levels, the Central Bank can do nothing about it.
Banks have been gouging their own customers by charging inordinate interest rates to mortgage holders. Michael Noonan and the Government have only recently taken to beating their chests about how wrong it all is - but they have failed to take a single measure which would change it.
The problem reflects a deep-seated view among the public that the interests of banks are being favoured over the interests of customers who are the same citizens who bailed them out.