June 6, 2024
Banks must cut interest rates for mortgage holders instead of protecting profit margins – Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the banking sector to pass on any interest rate cuts announced by the ECB today to mortgage holders.

The Donegal TD said that the Irish banking sector had recorded massive profits on the back of workers and families’ increased mortgage costs since 2022.

Teachta Doherty said:

“Today it is expected that the European Central Bank will cut interest rates after increasing rates 10 times since 2022.

“This has been a time of hardship for so many households as mortgage costs soared.

“But it has also been a time of massive profits for the banks, over €4 billion last year, and huge payouts for their shareholders as a result of rising interest rates.

“Workers and families are forking out thousands of euros more to cover their mortgage in the context of a wider cost of living crisis.

“If the ECB announce a cut in interest rates today, it should be passed on in full to mortgage holders by Irish banks – nothing less should be tolerated.

“Since 2022 the government has done little to challenge the profiteering of the banking sector or to support struggling households.

“It was the Taoiseach and Fine Gael who welcomed the sale of mortgages to vulture funds that are now charging interest rates as high as 7 percent.

“It is this government which allows the banks to reduce the amount of tax they pay through an unjustifiable tax break.

“And it is this government which failed to introduce the mortgage interest relief which Sinn Féin proposed, that would have helped households with up to €1,500 in support to cover their rising mortgage costs.

“Today’s expected interest rate cut by the ECB must be passed onto mortgage-holders by the banking sector.”

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