Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said Irish banks and vulture funds should pass on to mortgage holders the benefit of interest rate cuts announced by the ECB.

He called on the government and Irish Central Bank to make sure this is happening.

Teachta Doherty said:

“Interest rate cuts by the ECB must be passed onto mortgage-holders by the banking sector without delay.

“The European Central Bank cut interest rates for the fifth time from a high level in recent years.

“Despite this, too many people are still struggling under unaffordable mortgage costs despite these cuts.

“The worst hit are those that have been made mortgage prisoners by vulture funds.

“Mortgage prisoners are not getting anywhere near the full benefit of cuts in the interest rates.

“Figures released by the Central Bank of Ireland [11/12/2024] show that Ireland has the sixth highest mortgage interest rates for new mortgages. Far above the EU average.

“Workers and families are spending thousands of euros to cover their mortgages in the midst of a wider cost of living crisis.

“There can be no excuse. We see that Irish banks are also providing below average interest to savers.

“If borrowers are being punished and savers are not benefiting, then the workers and families are subsidising executive pay and corporate profits with their mortgage payments.

“This is particularly intolerable when the state on behalf of the public is a significant shareholder in two of the three traditional banks in the state.

“The government must also stand up for mortgage prisoners that they allowed to be sold off the vulture funds.”