Mayor calls for boycott of banks for raising rates

AN angry mayor of Clare has called for a complete boycott of Irish banks in light of yesterday’s decision by the Bank of Ireland and EBS to raise interest rates.

Councillor Tony Mulcahy wants customers to retaliate by withholding mortgage payments, withdrawing bank savings and demanding that employers provide all wage payments in cash.

Mr Mulcahy said the actions should be taken if Finance Minister Brian Lenihan does not impose a moratorium on interest rate hikes. The mayor confirmed he will present his motion at Monday’s monthly meeting of Clare County Council.