The great Irish mortgage rate rip-off
Sir, – Why is the Irish State supporting the exploitation of its citizens? It is a very simple, yet unanswered question, in regard to the ongoing rip-off of Irish mortgage holders by Irish banks.
We in Ireland pay on average 4.3 per cent, more than four times the mortgage rate being charged by German banks. The Government knows this and yet, with a simple solution to hand, it allows this to continue unhampered. Why? How can it continue to allow its citizens to be treated in this manner?
A friend of mine in Frankfurt confirmed to me recently that he had been offered a 10-year fixed-rate mortgage for the purchase of a home by Commerzbank at 0.89 per cent. Yes, 0.89 per cent. And why do you think, for example, the likes of KBC are so keen to stay in Ireland? They are making a fortune here.
The solution is simple. The Government instructs AIB, of which it owns 70 per cent, and Permanent TSB, of which it owns 75 per cent, to lower their variable mortgage home loan rates to European average rates for a minimum of five years or until there is proper open access to the EU banking market (and hence European banking rates) for Irish customers. Very quickly thereafter, the others, such as Bank of Ireland, etc, will be forced to follow.
At least then “we the people” will get charged an equitable home loan mortgage interest rate. – Yours, etc,