Banks 'can do what they want', says mortgage reform group

A leading advocate for struggling mortgage holders has said that the banks have been allowed to do what they want.

The comments from New Beginning co-founder Ross Maguire come after a deadline for action on high interest rates passed yesterday, with only two of the six lenders, AIB and Permanent TSB, having made minor adjustments for those on standard variable interest rates.

Banks 'can do what they want', says mortgage reform group

In the Dáil the Taoiseach rejected claims from Fianna Fáil that the Coalition's plans to make banks cut variable rates have been "a flop".

Maguire said the failure to change interest rates is further evidence that the banks are more powerful than the Government.

"The banks can do what they want," he said.

"I mean, who else can march into Government buildings in September 2008 and get an unlimited guarantee?

"The financial world has this enormous power over sovereigns and that is just kind of a fact of life today that the financial world is more powerful than the sovereigns themselves."

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