January 13, 2021
Irish borrowers now charged the highest mortgage interest rates in the EU – Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has responded to today’s Statistical Release on Retail Interest Rates by the Central Bank by calling on banks to cut interest rates for Irish borrowers, who now suffer the highest mortgage interest rates in the EU.

He also said that the release, which shows the average mortgage interest rate in November stood at more than twice the EU average – underlined the threat posed by Ulster Bank withdrawing from the Irish market.

Teachta Doherty said:

“Today’s release by the Central Bank shows that the average mortgage interest rate for Irish borrowers in November, at 2.79 percent, is the highest in Europe and more than twice the EU average.

“This results in Irish borrowers paying thousands more in interest per year than the average European borrower.

“In September, I called on lenders to follow new entrant and Spanish-owned lender Avant Money by cutting their interest rates, after it offered fixed and variable rates below the current rip-off average being offered by Irish banks.

“That Avant Money is able to offer lower interest rates is proof that these high interest rates can be reduced.

“Today’s release by the Central Bank also underlines the serious threat posed by the exit of Ulster Bank from the Irish market.

“As the Deputy Governor confirmed to me in written correspondence on 2nd December, the withdrawal of Ulster Bank could lead to higher interest rates and weaker credit availability.

“Given mortgage interest rates are already the highest in the EU, the threat this poses to borrowers cannot be overstated.

“The Minister for Finance must make the future of Ulster Bank a priority in the months ahead.”

Follow us online

Latest Tweets

I was honoured to attend the opening of a new parkway in Lower Shankill.

This bright new space will be a key asset to the local community, providing families and young people with a place to play, socialise and enjoy. 1/3

Government and Regulator must get to grips with Ireland’s soaring network costs that put upward pressure on electricity bills from October 1st - Darren O’Rourke TD and Senator Lynn Boylan

https://vote.sinnfein.ie/government-and-regulator-must-get-to-grips-with-irelands-soaring-network-costs-darren-orourke-td-and-senator-lynn-boylan/

@orourke_darren @LNBDublin

Archibald calls on Department of Health to continue Women’s Aid funding https://vote.sinnfein.ie/archibald-calls-on-department-of-health-to-continue-womens-aid-funding/ @CArchibald_SF

The longer Fianna Fáil and Fine Gael are in government the worse the housing crisis gets – record child homelessness, record high rents, rising house prices and families under increasing pressure from rising mortgage interest rates. @EOBroin

#HousingCrisis

Load More