Seán Citizen is being robbed by the banks

IT is incomprehensible that at a time when virtually all other businesses are reducing their prices, banks are increasing theirs, when most other businesses are cutting wages, banks are pursuing salary increases and when most other businesses are letting people go, banks are maintaining their staff levels, paid for now by Seán Citizen.

In the face of doing a fraction of the business they were conducting a year or two ago, mass bank redundancies would be justified, but these would be politically unacceptable now that the banks have been nationalised in effect via the Government’s guarantee and bankers have effectively joined the safe ranks of the civil service. Seán Citizen is effectively subsidising bank jobs now.

Excessive bank costs are being passed on to Seán Citizen via increased charges to customers and lower or zero dividends to shareholders — so Seán Citizen is now paying on the double.