Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The banks that are going to pass on the ECB rate hikes, the seventh that mortgage have experienced in the past year, are making absolutely obscene profits. The dirty secret of the hardship and misery that is being imposed on mortgage holders who are facing €500 and €600 a month - thousands of euro every year - in increased mortgage interest payments that many cannot afford and that will drive many into arrears is that the banks in this country that are imposing these increases are making stupendous profits. AIB, which made profits of €765 million last year with further increases in profits this year, announced €381 million in distribution to shareholders. If you are a bank shareholder, you are making a fortune; if you are a bank mortgage holder, you are being absolutely crucified. Will the Government follow People Before Profit's proposal to cap interest rates?

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