Monday 21 August 2017

It's time to get tough with banks

Allied Irish Bank, which has returned to profit, recently announced a meagre .25pc cut which, while welcome, does not go far enough
Allied Irish Bank, which has returned to profit, recently announced a meagre .25pc cut which, while welcome, does not go far enough

The Government has talked tough on the banks in recent weeks, specifically on the need to cut the extortionate variable interest rates charged to around 300,000 mortgage holders.

The time for tough talking has ended - now is the time for action, if the banks refuse to see sense and cut rates in a meaningful way to boost the economic recovery underway.

Banks here continue to charge almost 2pc more for their product compared to similar mortgage products in the eurozone.

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