Court ruling makes it Banks 1, Families 0
When many of our banks were in trouble, they turned to the people for help. They got €64bn; their security was guaranteed, and they lived to trade another day.
When the people were in trouble they came to the banks. They got diddly squat. Nobody ever said that banking and hard-ball capitalism had to be always fair, but it would be nice if just for once it could be unfair to the benefit of the mortgage holder.
Yesterday was another bad day at the office for the almost 300,000 people who have variable rate home loans. It is not that there have been many good ones, but since a Dublin family had secured a High Court ruling against Danske Bank, there was hope. However, yesterday the Court of Appeal overturned the ruling compelling the financial service ombudsman to look again at a complaint that Danske was charging excessive interest on its variable rate.