Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

One of the key issues we are not addressing is the cost of credit. Again, it requires a whole-of-government approach, as well as an approach by the Central Bank and the European Central Bank. I cannot comprehend how in the eurozone economy with the free movement of goods and services Ireland has the highest interest rates in Europe for small and medium-sized businesses. The pillar banks are gouging the economy. They are in our pockets every day of the week. This issue must be addressed. The average interest rate across the eurozone for small and medium-sized businesses is 1.77%. In Ireland it is 3.25%. The banks are pillaging us, but we do not seem to be doing anything about it. It is inherently wrong that we are at a complete disadvantage with our European colleagues and competitors because the pillar banks are gouging the economy. AIB and Bank of Ireland were on life support and saved by decisions of this Parliament. They are now pillaging us as a nation.

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