McGrath: 'Critical' that banks work with people in difficulty as rate hike looms 

Finance Minister Michael McGrath added that the combination of high inflation and increasing interest rates has brought a swift end to the era of low-cost lending

(Left to right) Sharon Donnery, Deputy Governor of the Central Bank of Ireland; Minister for Finance Michael McGrath and Jim O’Keeffe, BPFI President and Managing Director of Retail Banking at AIB outside the Banking & Payments Federation Ireland Annual Retail Banking Conference today. Picture: Naoise Culhane

Finance Minister Michael McGrath has said it is “critical” that banks engage and be responsive with customers who are facing challenges as additional interest rate hikes loom.

His remarks come as the European Central Bank is set to meet again on Thursday this week to consider whether to raise interest rates further to stem inflation.