Mortgage interest rises
Deputy Boyd Barrett condemned banks for passing on ECB rate hikes while making large profits, saying mortgage holders face severe hardship. The Tánaiste resisted price controls, asked how the Deputy would intervene instead, and the exchange ended when time was called.
The banks that are going to pass on the ECB rate hikes, the seventh that mortgage have experienced in the past year, are making absolutely obscene profits. The dirty secret of the hardship and misery that is being imposed on mortgage holders who are facing €500 and €600 a month - thousands of euro every year - in increased mortgage interest payments that many cannot afford and that will drive many into arrears is that the banks in this country that are imposing these increases are making stupendous profits. AIB, which made profits of €765 million last year with further increases in profits this year, announced €381 million in distribution to shareholders. If you are a bank shareholder, you are making a fortune; if you are a bank mortgage holder, you are being absolutely crucified. Will the Government follow People Before Profit's proposal to cap interest rates?
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If the Deputy would like to forward the details of a particular case(s) she is referring to I will have them examined.
Comment on this
Do it exactly the way the Government did it with moneylenders-----
