Time for ministers to show gumption and stand up to the banks
Let's replace AIB with a lender that will help rebuild the economy, says Stephen Donnelly
ON Thursday last in the Dail, Eamon Gilmore was asked by Shane Ross if he saw any problem with AIB paying out a billion euro to bondholders on Monday, and then jacking up variable mortgages rates two days later -- the second such rate hike in just a few weeks.
His response was astonishing. The Government had no intention of involving itself in the commercial activities of one of the "pillar banks". Gilmore assured us though, that "the Government is firmly on the side of people who are having difficulty meeting their mortgage payments".