Interest rates have been cut by 25%, however not all banks are passing the relief on to their customers.
Speaking in the Dáil, Sinn Féin finance spokesperson Pearse Doherty is calling on the government to take steps to ensure that this reduction is passed on.
"This should be welcome news to the more than 100,000 families in mortgage distress…however this will depend on whether the government will take the necessary action to force the banks to respond positively to today’s ECB announcement," he said.
-- Advertisement --
Mr Doherty has drawn on promises made by the government to take action and suggested their inactivity has been poorly explained as they hide behind the advice of the Financial Regulator.
Not all banks are withholding the relief and have expressed their intention to pass on the rate cut.
"It is time for the government to intervene and introduce the necessary legislation to force the hand of those banks who behave in such a reckless fashion. Considering the amount of tax payers’ money that has been given to the banks it is about time they were forced to give something back," concluded Mr Doherty.
(HMcE/CD)
