Govt will come down on banks profiting from pandemic 'like a ton of bricks'

The Tánaiste has said he believes any extra interest on their loans should be paid for from bank profits.

Leo Varadkar has said the government will come down on the banks like a ton of bricks if they try to make extra profits out of Covid-19 mortgage breaks.

The Tánaiste has said he believes any extra interest on their loans should be paid for from bank profits.

Around 160,000 borrowers have availed of mortgage breaks during the Covid-19 crisis.

Tánaiste Leo Varadkar says he has told the banks they should only at most be covering their own increased costs.

"I said to them, if it turns out that you somehow make an additional profit out of this or an additional premium out of this, that you somehow make more money out of this than you would have if the loan had been paid back in time then I would see that as serious.

"I would see it as serious as the tracker mortgages scandal and we would come down on them like a ton of bricks."