The little old ladies were the smart ones
The banks have now brought their bullsh*t to a place where once there was none, writes Declan Lynch
OF ALL the lowdown, dirty games the banks have played, there is perhaps none lower than the pressure exerted on the Government to cut the interest rates again on State Savings. I need hardly add that the Government has given in to this pressure.
In terms of the damage that it inflicts on the regular citizen, this is far from being the most ruinously expensive, or even the most catastrophically stupid move that has been pulled by our friends in the financial services sector. Yet it resonates more deeply than most of their other depredations.
Last week the interest rate on Savings Certificates was reduced to 10 per cent over five-and-a-half years, the third reduction in just over a year for these schemes which were offering 21 per cent until the banks decided that this was just too good for poor Paddy. That the banks themselves, due to their historical delinquency and incompetence, were offering much worse rates, and that to even things up somewhat, everyone should be brought down to their level.