Friday 9 December 2016

Editorial: People power is only answer to the banks

Published 02/05/2015 | 02:30

If people want better deals, then they have to fight for them
If people want better deals, then they have to fight for them

The issue surrounding punitive rates of interest charged to holders of standard variable-rate mortgages is not going to go away, much as the Government and the major banks might wish it would.

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The Coalition seems at odds on the issue - the Taoiseach is urging the banks to do something about it, while the Tánaiste threatens some sort of action, such as a bank levy, in an attempt to force the banks to reduce their rates.

While the AIB group has bowed to pressure, the other major mortgage lenders do not appear to be amenable. It would seem that the Government is not in a position to force the issue much further. An increase in the bank levy would have to be extended to all banks - including the AIB group, which has cut its rates - which would be unworkable.

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