Sinn Féin spokesperson on Finance Pearse Doherty TD has called for the banking levy to be increased to €400 million in response to the soaring profits of the banking sector as a result of rising interest rates.

Speaking today, Teachta Doherty said:

“The profits made by the banking sector have soared solely as a result of rising interest rates as households have seen their mortgage costs spiral.

“Banks have seen their profits and interest income reach eye-watering levels as households struggle.

“While so many have seen their income squeezed as their mortgage repayments rise, banks have announced large payouts to their shareholders.

“That is why last year Sinn Féin called for the banking levy to be increased to €400 million in response.

“As the banking sector continues to enjoy massive profits, even upgrading their profit forecasts, it is clear that the banking levy must be increased in this year’s budget to €400 million.

“This revenue can be used to support households and mortgage holders with rising costs.

“This Government has failed to challenge the banking sector as their profits and net interest income soar at the expense of borrowers and savers.

“Sinn Féin would increase the banking levy and ensure that households are supported through this cost of living crisis.”