The People Before Profit Alliance picketed a Dublin city centre branch of Permanent TSB today to protest against the increase in mortgage rates.
A small group of protesters stood outside the bank on O'Connell Street holding placards proclaiming “We won’t pay for the greed of the Super Rich” and “Sack This Government”.
They also handed out leaflets and asked people to sign a petition denouncing the rise in rates and Minister for Finance Brian Lenihan’s refusal to block the actions of the bank, which increased its standard variable rate by half of one per cent last week.
The alliance claimed that the interest rated rise is unfair, as it puts pressure on taxpayers, who have already had to bail out the banks. Permanent TSB is protected through the State guarantee scheme.
“This institution owes its existence to the taxpayer,” Dún Laoghaire-Rathdown councillor Richard Boyd Barrett said. “Without the guarantees provided by the taxpayer is would go out of business. “Brian Lenihan is a disgrace. He is not even prepared to give them a slap on the hand for imposing misery on ordinary families."
Dublin City councillor Bríd Smith claimed the Government’s failure to act had opened the way for other banks to increase mortgage rates.
She rejected Mr Lenihan’s claim that Permanent TSB was simply reacting to the reality of the current market.
“Market realities are what led to this situation, to us bailing out the banks to the tune of €20 billion. If the State can intervene to save the banks, then it can intervene now to stop the banks from crucifying people. To say it’s ‘market realities’ is not a good enough reason.”