Wednesday 18 October 2017

Noonan must act to get banks' attention

Michael Noonan Picture: PA
Michael Noonan Picture: PA

Experience has taught us not to confuse pronouncements by politicians with the prophecies of Nostradamus, they are merely expected to have a tangential relationship with truth.

For some time now, Finance Minister Michael Noonan has issued various solemn statements about the responsibilities of the banks and building societies towards reducing variable mortgage rates. As they fell on deaf ears, he upped the decibel level; advice became admonition -eventually he was forced to resort to threats.

A fat lot of good it has done either him or the more than 300,000 unfortunate homeowners who find themselves on the rack of variable rates, and paying 1.5pc more than their fellow citizens in the eurozone.

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