Noonan must act to get banks' attention
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.
Please sign in or register with Independent.ie for free access to Opinions.
Independent.ie Comments Facility
INM has taken the decision to remove the commenting facility on its online platform Independent.ie to minimise the legal risk to our business that arises from Ireland's draconian libel awards system.
We continue to look forward to receiving comments through direct email contact or via social media, some of which may still be featured on the website Independent.ie