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Government will not stand up to banks on interest rates – Doherty

10 June, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said it is now clearer than ever than the government won’t stand up to the banks on high interest rates. Deputy Doherty was speaking after the government voted down his Bill to allow the Central Bank set caps on the interest rates that can be imposed by the bailed out banks.

Deputy Doherty said:

“I am disappointed but not surprised that the government voted down Sinn Féin’s Bill. It is now clearer than ever that they will not stand up to the banks on this issue.

“In 2011 when I challenged the government on their failure to stand up to the banks and to pass on ECB rate decrease, Tánaiste Eamon Gilmore told me: “Deputy Doherty need be in no doubt that this Government will act decisively, forcefully and effectively with the banks”. That is almost laughable in retrospect were it not so serious.

“Like it has on other issues like mortgage arrears and bankers’ pay this government is content to let the banks decide policy. I note the government is not ruling out supporting in initiative like this in future but claims that this is not the right time. That is not a credible position. The fact is that it is not willing to stand up to the banks.”

“The banks will breathe a sigh of relief tonight that once more the government has backed them while mortgage holders face into another month of paying over the odds.” 

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