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Banks plans to profit from Covid-19 pandemic "outrageous" - Pearse Doherty

27 March, 2020 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has today described the banks plans to profit from the Covid-19 pandemic as 'outrageous'. 

He has called on the Central Bank and the Minister for Finance to step in and force banks to step up to the plate at a time of national emergency.

He said:

"Despite repeated promises from banks of a payment holiday for customers at a time of national emergency caused by the Covid-19 pandemic, they have refused to ensure that mortgage interest will not accrue for those that can't make mortgage payments because of financial difficulties.

"This means, for example, that people with a €200,000 mortgage will pay close to €2,000 more over the lifetime of their mortgage.

"This is how banks are intending to profit out of this crisis and this is, quite frankly, outrageous.

"Sinn Féin want the Central Bank and the banks called in by the government and this to be stopped. I have been in contact with the Minister for Finance and the Central Bank in relation to this matter.

"The fact that banks are already charging twice the average EU interest rates for mortgages is indicative of their attitude to customers  and illustrates that banking culture has not changed.

"The banks need to step up now and waive all interest during the period of emergency for those who have trouble paying their mortgage and not try to profit from this crisis."

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