Mortgage rates: Action required

ENDA KENNY stated the blindingly obvious yesterday when he said it was not acceptable that banks do not pass on low interest rates to their customers.

His broadside yesterday against the banks echoes the views of Finance Minister Michael Noonan who has sought to make lenders take a more conciliatory approach to mortgage customers.

The reality is, though, that most of the banks are not prepared to listen to reason and will continue to operate as if they never received a cent of taxpayers’ money.