Enda Kenny ‘all talk’ on bank rates - Micheál Martin

Taoiseach Enda Kenny has been accused of being all talk and no action after he again branded the way banks are refusing to pass on interest cuts to variable rate mortgage holders as “unfair”.

Thu, 16 Apr, 2015 - 01:00

Shaun Connolly

Opposition parties rounded on his stance, insisting he was turning a blind eye to what was going on rather than making the lenders help struggling families.

Fianna Fáil leader Micheál Martin raised the issue in the Dáil, warning that 300,000 variable rate mortgage holders had been repeatedly let down by the Government.

Mr Martin said that even if the banks passed on 0.5% of the rate cuts it would swell family cash flow by €200m.

“It would be an enormous relief for families and would put issues like water charges and property tax in the halfpenny place,” Mr Martin said during Leaders’ Questions.

While Mr Kenny admitted the situation was “unfair” and that he was “not happy with the banks” over the way they failed to pass on reductions in the interest rate, he insisted he could not direct what the charges should be.

Mr Martin accused the Government of trying to have things both ways as he said Mr Noonan took credit in 2011 for making AIB pass on a European Central Bank interest rate reduction to its customers.

Sinn Féin leader Gerry Adams said: “The Taoiseach states that it is not fair, just, or equitable and yet he does nothing.”