Democratic deficit in bank surcharge

SHAMELESS self-interest was your accurate editorial verdict (June 6) on AIB’s new surcharge interest rate.

This action constitutes antisocial behaviour by the bank’s board aided and abetted by the financial regulator.

Surely this is not the same bank that overcharged customers accounts in the recent past?

Surely this is not the same bank that was bailed out by the taxpayer in the 1980s?

How can the financial regulator justify approval of a 33% increase in the surcharge rate? Why was the figure not 50% or 100%? We simply don’t know.

This is the sort of democratic deficit that the government should be addressing. Why the silence?

Dr Bill Tormey

167 Glasnevin Ave

Dublin 11