Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Action is needed to stop this immediately. The banks' case that they have no choice other than to charge these rates simply does not stack up. I also want to address the notion that bank losses on tracker mortgages are somehow a reason to rip off standard variable rate customers. I recognise that the presence of tracker mortgages on banks' loan books represents a significant drain on their profitability. Permanent TSB has described its losses on tracker mortgages as "eye-watering". The idea that the banks can justify ripping off one group of customers to make up for bad decisions they made elsewhere is outrageous and cannot be tolerated. Those who are paying standard variable rates in this country comprise a forgotten group of mortgage holders. It is about time their plight was properly dealt with, examined and debated in this House.

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