Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

I am raising the issue of interest rates in our banking sector. A person who has an average mortgage of €200,000 at 3.25% would have paid approximately €2,500 in interest over the period of the pandemic. People are concerned that our interest rates are distorted compared with the eurozone and that banks are passing this on to customers.

This week I was speaking to an individual who is self-employed. He has 4.75% on his variable rate mortgage. He is self-employed so it is not the case that he can go and switch his mortgage. The banks have strict protocols and procedures now. It is clear that we need to do something on this.

The deputy governor of the Central Bank has been on the record as saying that the banks are charging double the interest rates that are needed to be profitable. The banks should show solidarity. There is no need to be gouging customers with such interest rates through this serious and significant challenge to our country. I welcome the engagement the Government had with the banks last week. We need to continue to take a tough stance on this.

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