Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called out Government Ministers for failing to challenge the banking sector and support hard-pressed citizens as mortgage interest rates and bank profits have soared.
Teachta Doherty said:
“For several months Sinn Féin has been calling for action as households have seen mortgage interest soar while deposit rates for savers have remained stubbornly.
“Since February we have warned that Irish banks could accrue huge profits on the back of rising interest rates as households struggle.
“For months these warnings have fallen on deaf ears.
“In the past week we have heard Government Ministers offer nothing but empty words as Irish banks are on course to record combined profits of €5 billion this year alone.
“In the past year Irish mortgage holders have seen their interest rates soar, with 2 in 5 households set to see their annual mortgage costs rise by €3,000.
“Workers and families who had their mortgages sold to vulture funds are facing rates as high as 10 percent.
“Fine Gael and Minister Simon Harris have no credibility whatsoever.
“This is a party that welcomed the sale of mortgages to vulture funds.
“Fine Gael is a party that, together with Fianna Fáil and the Green Party, reduced the bank levy and allow banks to reduce their corporation tax liability through the use of historic losses.
“This Government has been the ultimate laggard in challenging the banking sector as their profits and net interest income soar at the expense of borrowers and savers.”