McGrath calls on banking sector to give more support to struggling mortgage-holders

'With the rapid change in the interest rate environment, industry must engage with their customers to prevent them falling into arrears, Finance Minister said

Finance Minister Michael McGrath said he was 'acutely conscious' of the impact rising interest rates were having on mortgage-holders. Picture: Sam Boal /RollingNews.ie

Finance Minister Michael McGrath said it was now “necessary” for the banking industry to show it was supporting mortgage-holders in difficulty following a raft of interest rate hikes over the last year.

It comes as new data shows eurozone inflation stopped slowing in August ahead of a meeting of the European Central Bank (ECB) next month to discuss further interest rate hikes.