Consumers 'exploited in effort to help banks recover'

A Financial Regulator sub-committee has said that consumers are being exploited in order to get the banks back on track.

Raymond O' Rourke said that consumers are being "mercilessly fleeced" with interest rates, to rebuild banks' balance sheets and that those who do not have a tracker mortgage are being treated as "second-class citizens".

It warned against disproportionately punishing consumers in order to rebuild the banks balance sheets.

“Clearly, consumer protection has been abandoned,” said Fine Gael Enterprise Spokesman Richard Bruton.

“Consumers were made the scapegoat when regulation failed, and the repair of the banking system is at the expense taxpayers and consumer interests.”