Banks still have the whip hand

THE relationship between the banks and Government, and the society our Government represents, can hardly be described as one of equals. Real power still resides in the banks’ boardrooms and Government can, it seems, only cajole and encourage.

The saga around the exceptionally high variable mortgage rates inflicted on Irish customers is testimony to this.

Taoiseach Enda Kenny and a litany of ministers and opposition figures have criticised the banks as exploitative, yet the country’s six main lenders have been given until July 1 to offer packages that would better reflect the terms on which they borrow money, and to offer some comfort to borrowers.