Varadkar: Banks cannot have it both ways on rate increases

Taoiseach says mortgage rate hikes should be matched by similar rise in rate of interest for deposits

Leo Varadkar, speaking in Washington DC, said rate increases should go both ways. Picture: PA 

The Taoiseach has told banks that they "can't have it both ways" on rate increases.

Leo Varadkar was reacting in Washington DC to the news that the European Central Bank had moved ahead with a 0.5% interest rate hike despite fears of a banking crisis, fuelled further by the meltdown at Credit Suisse.