According to a new report from the Financial Regulator’s consumer panel, Irish consumers are being “mercilessly fleeced” by the banks by paying higher interest rates in order to rebuild their balance sheets.
The report highlighted that while consumers in other countries are enjoying historically low interest rates set by the European Central Bank, Irish consumers are not benefiting from the ECB rates and are actually paying higher rates than before the crisis hit. Standard variable rate mortgage holders have been hit with three rate hikes already this year by all the leading lenders and the Financial Regulator’s consumer panel believe that householders who do not have a tracker mortgage are being singled out.
Not only that but the panel said it is concerned that the consumer is being forgotten and is now paying for the misjudgements of the Irish financial services sector in the last number of years.
Have your say: Mortgage Rates
- Are banks fleecing consumers with interest rates?
- Should the financial regulator have the power to force institutions to pass on interest rate cuts or to prohibit interest rate increases?