Government must insist banks increase deposit interest rates, Oireachtas committee chair says

“And now that the Minister has called them out, perhaps it’s time for the Cabinet to move forward and insist that the banks increase their interest rates on deposits, as is the case in the UK.

“I think it’s time perhaps to look at the bank levy itself as a means to perhaps penalise banks that find themselves in this position where, as the Minister says, they are laggards,” he said. “That is an essential part of fair banking. And, you know, there is a need for us to look deeply at the banking structures in Ireland. We can attract new banks in.”

“In this context average mortgage rate increases in Ireland have been the second lowest when compared across other Eurozone countries in the past year.”

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