Banks must stop delay tactics and pass on benefit of interest rate cuts – Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, said that the government must act to make banks pass on the benefit of the three most recent cuts to ECB interest rates.

Teachta Doherty said:

“Banks are yet to announce any cuts to mortgage interest rates this year, despite the ECB today announcing the third interest rate cut in 2025.

“The government should make it clear to the banking sector that they will increase the banking levy if the banks to not pass on this benefit to mortgage holders. 

“In my view, the banks are strategically dragging their feet to allow them to maintain the excessively high profits we have seen in the sector over the last two years.

“Banks recorded a staggering €5 billion in combined profits last year.  They don’t want to give that up quickly and the longer they delay passing on the benefits of ECB interest rate cuts, the more money they make.

“This is why Ireland has the 5^th highest interest rates in the Eurozone for new mortgages.  High interest rates heap more pressure onto workers and families, who are already struggling with the housing and cost of living crises.

“Ordinary workers cannot be expected to continue to foot the bill for executive pay and corporate profits with their mortgage payments.

“The government needs to get off the bench and take action.”